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of <h1>Regulation 12 mandates timely municipal debt allotment, with 15% interest on delays; funds must support approved projects.</h1> Regulation 12 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, outlines the procedures for allotment in public issues of municipal debt securities. Allotment should be based on the application upload date, with proportionate allotments upon oversubscription. The issuer and lead manager must ensure timely allotment, credit of securities, and refund or unblocking of application monies electronically. If delays occur, the issuer must pay 15% annual interest to investors. The regulation also specifies that funds raised should be used for approved projects, with issuers maintaining a separate project implementation cell and contributing at least 20% of project costs.
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