Securities And Exchange Board Of India - Subsection
Section 108(4) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(4)In the event of non-receipt of listing permission from the stock exchange(s) by the issuer or the issuing company, as the case may be, or withdrawal of Observation Letter issued by the Board, wherever applicable, the securities shall not be eligible for listing and the issuer or the issuing company, as the case may be, shall be liable to refund the subscription monies, if any, to the respective allottees immediately alongwith interest at the rate of ten per cent. per annum from the date of allotment.
