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        SEBI

        Regulation 31 - Prohibition on payment of incentives

        Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021
        Part A
        PROVISIONS APPLICABLE TO PUBLIC ISSUE AND LISTING OF DEBT SECURITIES AND NON CONVERTIBLE REDEEMABLE PREFERENCE SHARES

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        Prohibition on incentives: issue-related incentives barred, but fees/commission allowed and limited interest/price discount permitted to specified initial investors. Regulation 31 prohibits persons connected with an issue from offering any incentive, direct or indirect, in cash, kind, services or otherwise, to induce applications, while allowing fees or commission for services; an exception permits additional interest or an issue price discount for specified investor categories, available only to the initial allottee and not where the debt securities are transferred or transmitted post-allotment.
                        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.

                              Prohibition on incentives: issue-related incentives barred, but fees/commission allowed and limited interest/price discount permitted to specified initial investors.

                              Regulation 31 prohibits persons connected with an issue from offering any incentive, direct or indirect, in cash, kind, services or otherwise, to induce applications, while allowing fees or commission for services; an exception permits additional interest or an issue price discount for specified investor categories, available only to the initial allottee and not where the debt securities are transferred or transmitted post-allotment.


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