Monitoring agency requirement mandates public monitoring and quarterly Schedule IX reporting of proceeds for large public issues. Issuers of large public or rights issues must have proceeds monitored by a public financial institution or a named scheduled commercial bank; monitoring reports must be submitted quarterly in Schedule IX format until at least ninety five percent of proceeds (excluding offer for sale and general corporate purposes) are utilised, the board and management must comment on findings as specified in Schedule IX, and the issuer must upload the report to its website and submit it to listed stock exchange(s) within forty five days of each quarter end.