Section 196 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
196. Prohibition on payment of incentives.
- Any person connected with the issue shall not offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or services or otherwise to any person for making an application in the initial public offer, except for fees or commission for services rendered in relation to the issue.
