Securities And Exchange Board Of India - Subsection
Section 18A(3) in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
(3)The issuers shall maintain a bank account in which the amount raised from the issue shall be immediately transferred after the closure of the issue and such amount shall only be utilised for the indicated project(s):Provided further that the merchant banker to the issue, in case of private placement, shall confirm to the bankers to the issue by way of copies of listing and trading approvals that all formalities in connection with the issue have been completed and that the banker is free to release the money to the issuer or release the money for refund in case of failure of the issue.
