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of <h1>Regulation 22B bans incentives for municipal debt securities applications, except fees for services rendered.</h1> Regulation 22B of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, prohibits any person connected with the issuance of securities from offering incentives to any individual for making an application in the issue. This prohibition includes both direct and indirect incentives, whether in cash, kind, services, or otherwise. The only exception allowed is for fees or commissions paid for services rendered in relation to the issue. This regulation was inserted through a notification dated September 27, 2019.
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