Section 11 in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
11. Minimum subscription.
(1)The issuer may decide the amount of minimum subscription which it seeks to raise by issue of [municipal] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).] debt securities and disclose the same in the offer document:Provided such minimum subscription limit shall not be less than seventy five per cent of the issue size.(2)In the event of non-receipt of minimum subscription as specified above, all application moneys received in the public issue shall be refunded forthwith to the applicants, within twelve days from the date of the closure of the issue.(3)In the event, there is a delay by the issuer in making the aforesaid refund, then the issuer shall refund the subscription amount along with interest at the rate of ten per cent. per annum for the delayed period.
