Section 91: Allotment, refund and payment of interest

Q: What does Section 91 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) deal with?

Section 91 ICDR Regulations pertains to "Allotment, refund and payment of interest". It is part of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, a legislation enacted by the Parliament of India. Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs allotment, refund and payment of interest. As verified on 19 May 2026.

Q: Is Section 91 ICDR Regulations still in force?

Yes, Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 is currently in force across the Republic of India.

Q: What is धारा 91 ICDR Regulations?

धारा 91 ICDR Regulations is the Devanagari Hindi reference for Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs allotment, refund and payment of interest. As verified on 19 May 2026.

Q: What is Dhara 91 ICDR Regulations?

Dhara 91 ICDR Regulations is the Roman Hindi reference for Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. "Dhara" means "Section" in Hindi. Section 91 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs allotment, refund and payment of interest. As verified on 19 May 2026.

Q: How to cite Section 91 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018?

Cite as: "Section 91, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)" in legal briefs. For academic writing, use the BlueBook format: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, § 91 (India).

Law on Tips Editorial Board

(1)

The issuer and lead manager(s) 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 lead manager(s) 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 and the lead manager(s) shall ensure the same.