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Section 11

the Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015.Central Regulations · 1992

(1) Theissuer may decide the amount of minimum subscription which it seeks to raise by issue of 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.

Utilization of issue proceeds.

Where this provision sits

Actthe Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015.
Section11
JurisdictionCentral
StatusIn force as published by the source

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