Reduction in unblocking/refund of application money

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g/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 closure of the issue. Timelines are stipulated in Regulation 45(2), 86(2), 141(2), 202(2)(b) and 202(3)(a) and (b). 2. Similarly, the present provisions of R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unts 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 mentioned events to " four days". 5. Thus, in Regulation 45(2), 86(2), 141(2), 202(2)(b) and 202(3)(a) and (b) the words 'fifteen days' shall be read as 'four days' and i....