Prateek applied in the IPO of Maxgrow Ltd. for 100 Equity Shares. He was not eligible to get any shares according to the allotment schedule and also has not received the refund amount within the time stipulated under the

CS Executive · Securities Laws and Capital Markets · PYQS · December 2018
Prateek applied in the IPO of Maxgrow Ltd. for 100 Equity Shares. He was not eligible to get any shares according to the allotment schedule and also has not received the refund amount within the time stipulated under the Companies Act, 2013. Prateek approached the Company through written representation on January 10, 2018. The company neither replied nor processed the refund claim. In the light of the SEBI Regulations, answer the following: How much time should elapse before approaching Ombudsman from the date of written representation ?

Answer & Explanation:

As per the SEBI (Ombudsman) Regulations, 2003, if a complainant had not received any reply within a period of 1 month after the listed company or intermediary concerned received his representation or the complainant is not satisfied with the reply given to him by the listed company or an intermediary, he/she can approach to the Ombudsman.

Topics: SEBI (Ombudsman) Regulations, 2003

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