Section 16 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
16. Monitoring agency.
(1)If the issue size exceeds five hundred crore rupees, the issuer shall make arrangements for the use of proceeds of the issue to be monitored by a public financial institution or by one of the scheduled commercial banks named in the offer document as bankers of the issuer:Provided that nothing contained in this clause shall apply to an offer for sale or an issue of specified securities made by a batik or public financial institution.(2)The monitoring agency shall submit its report to the issuer in the format specified in Schedule IX on a half yearly basis, till the proceeds of the issue have been fully utilised.
