MUMBAI: Capital Markets regulator Securities and Exchange Board of India (Sebi) came out with new guidelines pertaining to refund for un-allotted and partially allotted applications for rights issue.

"The issuer along with lead manager(s), registrar, and other recognized intermediaries shall also ensure the refund for un-allotted / partial allotted application shall be completed on or before T+1 day (T: Basis of allotment day)," Sebi said in a circular.  Also, they will have to ensure that all data with respect to refund instructions is error-free to avoid any technical rejections, it said. Further, in case of any technical rejection of refund instruction, same needs to be addressed promptly, it added.

 In view of the difficulties faced due to COVID-19 pandemic and the lockdown measures, and in order to ensure that all eligible shareholders were able to apply to rights issue during such times, Sebi had in May 2020 granted certain relaxations in the procedures that apply to rights offerings opening on or prior to July 31, 2020.

These relaxations were extended several times and will be applicable for rights issues opening up to September 30, 2021. Applications in rights issue are allowed only through the Application Supported by Blocked Amount (ASBA) facility (whereby bidders provide instructions to specified banks to block amounts equivalent to the bid amount in their ASBA accounts).

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