Mandatory listing requirement for municipal debt securities mandates prompt refund with interest and director liability where listing is refused. Issuers of municipal debt securities must apply for listing to one or more recognised stock exchanges; if listing or trading permission is refused the issuer must refund all monies received within seven days of earliest intimation rejecting the listing, and any unpaid amount bears interest at the prescribed annual rate until refunded. If the issuer is a body corporate subject to company law, every director who is an officer in default is jointly and severally liable for repayment with interest.