Section 4E in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
4E. Mandatory Listing.
(1)The issuer shall make an application for listing to one or more recognised stock exchanges in the manner specified by the Board.(2)In case the issuer fails to obtain listing or trading permission from any of the recognized stock exchanges where the municipal debt securities were proposed to be listed, it shall refund the entire monies received within seven days of receipt of intimation from stock exchange or in case of multiple stock exchange(s) within seven days from the earliest intimation rejecting the application for listing of municipal debt securities, and if any such money is not repaid after the issuer becomes liable to repay it, the issuer shall be liable to repay that money with interest at the rate of fifteen percent per annum till such refund is made:Provided that where the issuer is a body corporate to which the Companies Act, 2013, applies every director of the company who is an officer in default shall also be jointly and severally liable to repay that money with interest.]
