Regulation 31 - Allotment of Units and refunds of moneys - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

Allotment of Units and refunds of moneys 31. (1) The Collective Investment Management Company shall specify in the offer document,- (a) the minimum and the maximum subscription amount it seeks to raise under the 1 [collective investment scheme]; and (b) in case of oversubscription the process of allotment of the amount oversubscribed. (2) The Collective Investment Management Company shall refund the application money to the applicants,- (i) if the 2 [collective investment scheme] fails to receive the minimum subscription amount referred to in clause (a) of sub-regulation (1). 3 [ (3) Any amount refundable under sub-regulation (2) or proviso to sub-regulation (6) of regulation 24, shall be refunded within a period of five working days from the date of closure of subscription list, by cheque or demand draft marked A/C Payee through Registered A.D. or speed post, courier etc., or payment channels such as RTGS, NEFT, IMPS, direct credit, etc. or any other mode allowed by the Reserve Bank of India from time to time, to the applicants. ] (4) In the event of failure to refund the amounts within the period specified in sub-regulation (3), the Collective Investment Management Company shall pay interest to the applicants at a rate of fifteen per cent per annum on the expiry of 4 [ five working days ] from the date of closure of the subscription list. ************* NOTES:- 1 ibid. 2 ibid. 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/84 dated 10-05-2022 before it was read as, (3) Any amount refundable under sub-regulation (2) shall be refunded within a period of six weeks from the date of closure of subscription list, by Registered A.D. and by cheque or demand draft marked A/C Payee to the applicants. 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/84 dated 10-05-2022 before it was read as, six weeks