Securities And Exchange Board Of India - Subsection
Section 202(3) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(3)For underwritten issues:(a)If the issuer does not receive the minimum subscription of ninety per cent. of the offer through offer document including devolvement of underwriters, all application monies received shall be refunded through verifiable means to the applicants forthwith, but not later than fifteen days from the closure of the issue.(b)If the issuer fails to refund the entire subscription amount within fifteen days from the date of the closure of the issue, it is liable to pay the amount with interest to the subscribers at the rate of fifteen per cent. per annum for the period of delay.
