Regulation 47 - Application and minimum application value - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Application and minimum application value 47. (1) A person shall not make an application in the net offer category for a number of specified securities that exceeds the total number of specified securities offered to the public. Provided that the maximum application by non-institutional investors shall not exceed total number of specified securities offered in the issue less total number of specified securities offered in the issue to qualified institutional buyers. (2) The issuer shall stipulate in the offer document the minimum application size in terms of number of specified securities which shall fall within the range of minimum application value of ten thousand rupees to fifteen thousand rupees. (3) The issuer shall invite applications in multiples of the minimum application value, an illustration whereof is given in Part B of Schedule XIV . (4) The minimum sum payable on application per specified security shall be at least twenty five per cent. of the issue price: Provided that in case of an offer for sale, the full issue price for each specified security shall be payable at the time of application. Explanation: For the purpose of this regulation, minimum application value shall be with reference to the issue price of the specified securities and not with reference to the amount payable on application.