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of <h1>Regulation 34 mandates 75% minimum subscription for public issues, excludes tax-free bonds. Refund delays incur 15% interest.</h1> Regulation 34 of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 mandates that the minimum subscription for a public issue must be at least seventy-five percent of the base issue size, unless specified otherwise by the Board. This requirement does not apply to issuers of tax-free bonds as defined by the Central Board of Direct Taxes. If the minimum subscription is not achieved, all blocked application funds must be released within eight working days from the issue's closure. Failure to do so results in the issuer owing interest at fifteen percent per annum for the delay.
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