Section 18 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
18. Allotment, refund and payment of interest.
(1)The issuer and merchant bankers shall ensure that specified securities are allotted and/or application moneys are refunded within fifteen days from the date of closure of the issue.(2)Where specified securities are not allotted and/or application moneys are not refunded within the period stipulated in sub-regulation (I), the issuer shall undertake to pay interest at such rate and within such time as disclosed in the offer document.
