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of <h1>SEBI Regulation 13: Underwriting Rules for Public and Rights Issues Set Obligations for Book Runners and Syndicate Members.</h1> Regulation 13 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, outlines underwriting requirements for public and rights issues. Issuers must appoint underwriters according to SEBI regulations. For book-built public issues, underwriting is managed by book runners or syndicate members, with specific conditions on allocations to qualified institutional buyers. Underwriting agreements must specify securities to be subscribed in case of under-subscription. If syndicate members default, lead book runners assume obligations. Book runners and syndicate members can only subscribe to fulfill underwriting duties. Lead merchant bankers or book runners must meet minimum underwriting obligations, covering the entire offer if fully underwritten.
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