In case of rejected applications, what is the time frame within which the money should be returned to the applicants?

Within the period prescribed by law/SEBI

The correct answer is option 3- Within the period prescribed by law/SEBI.

When applications for shares are rejected, there is a regulatory requirement for the company to return the application money to the applicants. The money received on rejected applications should be fully returned to the applicant within the period prescribed by law/SEBI. In case a lesser number of shares have to be allotted, than those applied for the excess application money must be adjusted towards the amount due on allotment from the allottees.