If a delay occurs beyond 8 days from the date of closure of the subscription list in refunding the amount received due to non-fulfilment of the criteria of minimum subscription, the company shall be liable to pay the amount with interest at the rate of:

Pursuant to SEBI Guidelines and Section 39 of the Companies Act, 2013, if the minimum subscription is not received and the application money is not repaid within the stipulated time (repayment must be done within 15 days of closure, and any delay beyond that carries interest penalty under capital market guidelines), SEBI dictates a penal interest of 15% p.a. for the delayed refund period.