Securities And Exchange Board Of India - Subsection
Section 41(1) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(1)If the issue size, excluding the size of offer for sale by selling shareholders, exceeds one hundred crore rupees, the issuer shall make arrangements for the use of proceeds of the issue to be monitored by a public financial institution or by a scheduled commercial bank named in the offer document as bankers of the issuer:Provided that nothing contained in this clause shall apply to an issue of specified securities made by a bank or public financial institution or an insurance company.
