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Regulation 106P - Underwriting by merchant bankers and underwriters
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 Chapter XB ISSUE OF SPECIFIED SECURITIES BY SMALL AND MEDIUM ENTERPRISES
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Underwriting obligation: issues must be fully underwritten with merchant banker taking a significant stake and disclosed commitments filed prior to opening. Regulation 106P mandates that issues under this Chapter be fully underwritten and not confined to minimum subscription levels; merchant bankers must underwrite a specified portion on their own account, may appoint underwriters and enter agreements with nominated investors for subscription in case of under-subscription, and must disclose all underwriting and subscription arrangements in the offer document and file an undertaking with the Board before opening of the issue.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Underwriting obligation: issues must be fully underwritten with merchant banker taking a significant stake and disclosed commitments filed prior to opening.
Regulation 106P mandates that issues under this Chapter be fully underwritten and not confined to minimum subscription levels; merchant bankers must underwrite a specified portion on their own account, may appoint underwriters and enter agreements with nominated investors for subscription in case of under-subscription, and must disclose all underwriting and subscription arrangements in the offer document and file an undertaking with the Board before opening of the issue.
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