Section 14 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
14. Minimum subscription.
(1)The minimum subscription to be received in an issue shall not be less than ninety per cent. of the offer through offer document.(2)In the event of non-receipt of minimum subscription referred to in sub-regulation (1), all application moneys received shall be refunded to the applicants forthwith, but not later than:(a)fifteen days of the closure of the issue, in case of a non-underwritten issue; and(b)seventy days of the closure of the issue, in the case of an underwritten issue where minimum subscription including devolvement obligations paid by the underwriters is not received within sixty days of the closure of the issue.(3)The offer document shall contain adequate disclosures regarding minimum subscription as specified in Part A of Schedule VIII.(4)Nothing contained in this regulation shall apply to:(a)offer for sale of specified securities;(b)public issue by infrastructure companies if the disclosures regarding the alternate source of funding of the objects of the issue have been made in the offer document.Explanation. - For the purpose of clause (b) of sub-regulation (4), the term "infrastructure company" means, an enterprise wholly engaged in the business of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining any infrastructure facility.
