Regulation 91 - Allotment, refund and payment of interest - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Allotment, refund and payment of interest 91. (1) The issuer 1 [ **** ] shall ensure that the specified securities are allotted and/or application monies are refunded or unblocked within such period as may be specified by the Board. (2) The 2 [ issuer ] shall ensure that the allotment, credit of dematerialised securities, refunding or unblocking of application monies, as may be applicable, are done electronically. (3) Where the specified securities are not allotted and/or application monies are not refunded or unblocked within the period stipulated in sub-regulation (1) above, the issuer shall undertake to pay interest at the rate of fifteen per cent. per annum to the shareholders within such time as disclosed in the draft letter of offer and the letter of offer 3 [ **** ] . ************** NOTES:- 1. Omitted vide F. No. SEBI/LAD-NRO/GN/2025/233 dated 03-03-2025 w.e.f. 03-03-2025 (For effective date in certain cases see Notification) before it was read as, and lead manager(s) 2. Substituted vide F. No. SEBI/LAD-NRO/GN/2025/233 dated 03-03-2025 w.e.f. 03-03-2025 (For effective date in certain cases see Notification) before it was read as, lead manager(s) 3. Omitted vide F. No. SEBI/LAD-NRO/GN/2025/233 dated 03-03-2025 w.e.f. 03-03-2025 (For effective date in certain cases see Notification) before it was read as, and the lead manager(s) shall ensure the same