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    <title>REGULATORY FEES</title>
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    <description>Regulatory fees are payable on draft offer documents filed by lead merchant bankers and on private placements of listed non convertible redeemable preference shares; both fees are non refundable and charged as proportions of issue size. Payment may be made by electronic transfer permitted by the Reserve Bank or by demand draft in favour of the Securities and Exchange Board of India, with designated stock exchanges required to remit fees collected for listed private placements to the Board by the tenth day of the following month, together with issuance details.</description>
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      <description>Regulatory fees are payable on draft offer documents filed by lead merchant bankers and on private placements of listed non convertible redeemable preference shares; both fees are non refundable and charged as proportions of issue size. Payment may be made by electronic transfer permitted by the Reserve Bank or by demand draft in favour of the Securities and Exchange Board of India, with designated stock exchanges required to remit fees collected for listed private placements to the Board by the tenth day of the following month, together with issuance details.</description>
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