Securities And Exchange Board Of India - Subsection
Section 14(2) in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
(2)In the event of non-receipt of minimum subscription referred to in sub-regulation (1), all application moneys received shall be refunded to the applicants forthwith, but not later than:(a)fifteen days of the closure of the issue, in case of a non-underwritten issue; and(b)seventy days of the closure of the issue, in the case of an underwritten issue where minimum subscription including devolvement obligations paid by the underwriters is not received within sixty days of the closure of the issue.
