Allotment and other obligations

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..... (a) in case of dematerialized securitised debt instruments within five days of closure of the offer; (b) in case of securitised debt instruments in the physical form the certificates shall be dispatched within eight days of closure of the offer. (2) No special purpose distinct entity shall retain any over subscription received in any public offer. (3) In the event of over-subscr .....

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..... egulation (1), the special purpose distinct entity and every trustee thereof, and where any such trustee is a body corporate, every director thereof, who is in default shall, on and from the expiry of such period, be jointly and severally liable to pay interest at the rate of fifteen per cent. per annum to the concerned applicants. (7) Where the refund orders are not dispatched within the time .....

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