Securities And Exchange Board Of India - Subsection
Section 14(20) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(20)The REIT shall refund money, -(a)to all applicants in case it fails to collect subscription amount of exceeding [ninety] [Substituted 'seventy five' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] per cent. of the [fresh] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] issue size as specified in the [*] [Omitted 'initial' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] offer document [*] [Omitted 'or follow-on offer document' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).];(b)to applicants to the extent of oversubscription in case the moneys received is in excess of the extent of over-subscription as specified in the [***] [Omitted 'initial offer document or follow-on' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] offer document:Provided that right to retain such over subscription cannot exceed twenty five per cent.of the issue size;[Provided further, that the offer document shall contain adequate disclosures towards the utilisation of such oversubscription proceeds, if any, and such proceeds retained on account of oversubscription shall not be utilised towards general purposes.] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).](c)to all applicants in case the number of subscribers to the initial offer forming part of the public is less than two hundred.
