Section 22B in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
22B. 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 issue, except for fees or commission for services rendered in relation to the issue.]
