40 Underwriring ensures that the money received on issue of securities *
have to be refunded
are protected and safe
can be deposited in bank
do not have to be refunded
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in the securities market, underwriting involves determining the risk and price of a particular security. It is a process seen most commonly during initial public offerings, wherein investment banks first buy or underwrite the securities of the issuing entity and then sell them in the market.
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