when the benifit of firm undewritting is not givan to the undewritters
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In such an instance, an underwriter is not allowed to set off his firm ... in any of the following manner in the absence of any specific instructions
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In firm underwriting the underwriter agrees to subscribe upto a certain number of shares/debentures irrespective of the nature of public response to issue of securities. He gets these securities even if the issue is fully subscribed or over-subscribed.
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