Securities And Exchange Board Of India - Subsection
Section 42(5) in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
(5)In the case of reserved categories, a single applicant in the reserved category may make an application for a number of specified securities which exceeds the reservation.Explanation. - For the purposes of this regulation:(I)The term "reservation on competitive basis" means reservation wherein specified securities are allotted in proportion of the number of specified securities applied for in respect of a particular reserved category to the number of specified securities reserved for that category;(II)The term "new issuer" means an issuer which has not completed twelve months of commercial operation and its audited operative results are not available.
