Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of ________ capital.
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SEBI’s 90% rule applies to the \textbf{issued capital}, not to nominal or subscribed capital.
To validate an allotment, SEBI mandates that a minimum of 90% of the issued capital must be subscribed. This measure safeguards investors and confirms the financial soundness of the offering.Final Answer: Issued