Section 31 in The Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
31. Allotment and other obligations.
(1)The securitised debt instruments shall be allotted to the investors within the following time periods :-(a)in case of dematerialized securitised debt instruments - within five days of closure of the offer;(b)in case of securitised debt instruments in the physical form the certificates shall be dispatched within eight days of closure of the offer.(2)No special purpose distinct entity shall retain any oversubscription received in any public offer.(3)In the event of over-subscription, the allotment shall be made as per the basis of allotment finalized in consultation with the recognized stock exchanges to which an application for listing was made.(4)The special purpose distinct entity shall dispatch refund orders to unsuccessful or partially successful applicants within eight days of closure of the offer.(5)In a case where the issue proceeds become liable to be refunded in accordance with the disclosures made in the offer document, the special purpose distinct entity shall dispatch refund orders to the applicants within eight days of closure of the offer.(6)Where the allotment is not made within the time period mentioned in clause (a) of sub-regulation (1) or where the certificates are not dispatched within the time mentioned in clause (b) of sub-regulation (1), the special purpose distinct entity and every trustee thereof, and where any such trustee is a body corporate, every director thereof, who is in default shall, on and from the expiry of such period, be jointly and severally liable to pay interest at the rate of fifteen per cent. per annum to the concerned applicants.(7)Where the refund orders are not dispatched within the time mentioned in sub-regulations (4) or (5), the special purpose distinct entity and every trustee thereof, and where any such trustee is a body corporate, every director thereof, who is in default shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at the rate of fifteen per cent per annum.(8)Sub-regulations (6) and (7) shall have effect without prejudice to any other provisions of these regulations or any other law.
