Reduction in unblocking/refund of application money

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....es All Registered Registrars to an Issue and Share Transfer Agents All Self Certified Syndicate Banks Dear Sir/Madam, Sub: Reduction in unblocking/refund of application money 1. Presently, in terms of the SEBI(ICDR) Regulations, 2018, in case of non receipt of minimum subscription, the issuer is mandated to refund all the application monies within a period of "fifteen days" from the....

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.... introduction of UPI mechanism in public issues, intermediaries are responsible to compensate the investors for any delay in unblocking of amounts in the ASBA Accounts exceeding four working days from the bid/issue closing date. 4. Based on various consultations with the market participants it has been decided to reduce the timelines for refund of the moneys to the investors in the above mentio....