Securities And Exchange Board Of India - Subsection
Section 12(4) in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
(4)Where the securities are not allotted and/or application monies are not refunded or unblocked within the period stipulated in sub-regulation (2) above, the issuer shall undertake to pay interest at the rate of fifteen per cent. per annum to the investors and within such time as disclosed in the offer document and the lead manager(s) shall ensure the same.]
