Section 287 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
287. Allocation and allotment.
(1)The number of allottees in the initial public offer shall at least be [fifty] [Substituted 'two hundred' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).].(2)[The allotment to institutional investors as well as non-institutional investors shall be on a proportionate basis.] [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).](a)seventy-five per cent to institutional investors:Provided that there shall be no separate allocation for anchor investors;(b)twenty-five per cent to non-institutional investors[***] [Omitted '(3), (4) and (5)' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).](3)[] [Renumbered '(6)' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).] Any under-subscription in the non-institutional investor category shall be available for subscription under the institutional investors' category.
