Securities And Exchange Board Of India - Subsection
Section 202(2) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(2)For non-underwritten issues:(a)If the issuer does not receive the minimum subscription of ninety per cent. of the offer through offer document on the date of closure of the issue, or if the subscription level falls below ninety per cent. after the closure of issue, the issuer shall forthwith refund through verifiable means the entire subscription amount received.(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.
