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of <h1>Issuers must refund or allot securities within 15 days post-issue closure or pay interest per disclosure rules.</h1> The issuer and merchant bankers must ensure that specified securities are allotted or application moneys refunded within fifteen days from the issue's closure. If this does not occur within the stipulated period, the issuer is required to pay interest at a rate and within a timeframe specified in the offer document. This regulation is part of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, governing public and rights issues.
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