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of <h1>SEBI Regulation 14 Requires 90% Minimum Subscription for IPOs; Refunds Mandated if Threshold Not Met</h1> Regulation 14 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 mandates that the minimum subscription for an issue must be at least 90% of the offer. For initial public offers, the subscription must meet specific security allotment requirements. If the minimum subscription is not met, application monies must be refunded within 15 days for non-underwritten issues and within 70 days for underwritten issues. The offer document must disclose minimum subscription details. Exceptions apply to offers for sale of specified securities, excluding the requirement for minimum security allotment. An infrastructure company is defined as one engaged in developing or maintaining infrastructure facilities.
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