Read the following passage and answer question from:

Azad Limited having a nominal Capital of ₹3,00,000 divided into shares of ₹10 each offered for public subscription of 20,000 shares payable as ₹2 on application, ₹3 on allotment and balance in two calls of ₹2.50 each. Application were received for 24,000 shares by the company. All the applicants were allotted shares on pro-rata and balance in excess of application was adjusted towards allotment and balance, if any is to be returned.
Azad Limited did not make calls, as it failed to receive allotment money from those shareholder's who had applied for 4800 shares.
Azad Limited also purchased a Machine of ₹25,00,000 at ₹24,00,000 from Hari Limited and issued 7% Debentures of ₹100 each at a discount of 20% as purchase consideration. These debentures were to be redeemed after 5 years at a premium of 10%.

Select the authority that has prescribed the period within which the money received on rejected applications is to be fully returned:

Securities and Exchange Board of India

The correct answer is option 3- Securities and Exchange Board of India.

 The money received on rejected applications should be fully returned to the applicant within period prescribed by law/SEBI.

The Securities and Exchange Board of India (SEBI) is the authority that governs the rules related to public offerings and subscription, including the period within which the money received on rejected applications must be returned. SEBI has laid down the regulations that companies must adhere to when handling subscription money, including the timeline for returning rejected application money.