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        SEBI

        Regulation 11 - Minimum subscription.

        Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
        Chapter III
        REQUIREMENTS FOR PUBLIC ISSUE

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        Minimum subscription requirement for municipal debt securities mandates refund and interest on delayed refunds to applicants. Minimum subscription for public issues of municipal debt securities requires the issuer to set and disclose a floor for the amount to be raised in the offer document; if that minimum is not met the issuer must refund all application monies within a short statutory period from issue closure and, in case of delay, pay interest on the delayed amounts for the period of delay.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Minimum subscription requirement for municipal debt securities mandates refund and interest on delayed refunds to applicants.

                              Minimum subscription for public issues of municipal debt securities requires the issuer to set and disclose a floor for the amount to be raised in the offer document; if that minimum is not met the issuer must refund all application monies within a short statutory period from issue closure and, in case of delay, pay interest on the delayed amounts for the period of delay.


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