Section 33: Reservation on a competitive basis

Q: What does Section 33 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) deal with?

Section 33 ICDR Regulations pertains to "Reservation on a competitive basis". It is part of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, a legislation enacted by the Parliament of India. Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs reservation on a competitive basis. As verified on 19 May 2026.

Q: Is Section 33 ICDR Regulations still in force?

Yes, Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 is currently in force across the Republic of India.

Q: What is धारा 33 ICDR Regulations?

धारा 33 ICDR Regulations is the Devanagari Hindi reference for Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs reservation on a competitive basis. As verified on 19 May 2026.

Q: What is Dhara 33 ICDR Regulations?

Dhara 33 ICDR Regulations is the Roman Hindi reference for Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. "Dhara" means "Section" in Hindi. Section 33 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) governs reservation on a competitive basis. As verified on 19 May 2026.

Q: How to cite Section 33 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018?

Cite as: "Section 33, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)" in legal briefs. For academic writing, use the BlueBook format: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, § 33 (India).

Law on Tips Editorial Board

(1)

The issuer may make reservations on a competitive basis out of the issue size excluding promoters' contribution in favour of the following categories of persons:

(a) employees;

(b) shareholders (other than promoters and promoter group) of listed subsidiaries or listed promoter companies.

(2)

The reservations on a competitive basis shall be subject to the following conditions:

(a) the aggregate of reservations for employees shall not exceed five per cent. of the post-issue capital of the issuer and the value of allotment to any employee shall not exceed two lakhs rupees:

(b) reservation for shareholders shall not exceed ten per cent. of the issue size;

(c) no further application for subscription in the net offer can be made by persons (except an employee and retail individual shareholder) in favour of whom reservation on a competitive basis is made;

(d) any unsubscribed portion in any reserved category may be added to any other reserved category and the unsubscribed portion, if any, after such inter-se adjustments among the reserved categories shall be added to the net offer category;

(e) in case of under-subscription in the net offer category, spill-over to the extent of under-subscription shall be permitted from the reserved category to the net offer.

(3)

An applicant in any reserved category may make an application for any number of specified securities, but not exceeding the reserved portion for that category.