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of <h1>Issuers must list on stock exchanges within 20 days of allotment or face penalties, including interest to allottees.</h1> The regulation mandates that an issuer or issuing company must complete pre-listing formalities within specified timelines and apply for listing on recognized stock exchanges within twenty days from the date of allotment. Failure to apply within this period results in a penalty of at least ten percent annual interest to allottees for each day of delay beyond thirty days from allotment. If listing permission is not received or an Observation Letter is withdrawn, the securities cannot be listed, and the issuer must refund subscription monies with ten percent annual interest from the date of allotment.
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