The funds collected through public issue cannot be kept in Bank Account forever, without intended allotment. Comment.

Regulation 18 of the SEBI (issue of Capital and Disclosure Requirements) Regulations 2009 relating to Time limit for allotment or refund of Subscription money provides that the securities are allotted and the excess amounts are refunded within 15 days from the closure of the offer. Further In the case of an initial public offer, the minimum subscription to be received shall be subject to allotment of minimum number of specified securities, as prescribed in sub-clause (b) of clause (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957. In case the allotment is not made or refund is not made as mentioned above within the prescribed period, the issuer shall pay interest at such rate and within such time as disclosed in the offer document.