Prabhu Insurance refunding auction non-allottees in 3 days; why is NIC Asia refunding after 10 days?

Prabhu Insurance Limited (PRIN) had auctioned 42,788.32 units ordinary shares and 5,334.48 units promoter shares to the general public from Jestha 31 to Asadh 7, 2074. Bidders who had bid more than Rs 980.10 for ordinary share and Rs 450 per promoter share were allotted the shares. The company is issuing refund warrants for non-allottees from today (Asadh 13, 2074) from Prabhu Capital, Kamaladi. On the other hand, NIC Asia Bank has decided to delay refunds for auction non-allottees. Bids for 2,98,536 units ordinary shares of NIC Asia Bank (NICA) were also opened last Friday at NIC Asia Capital Limited. However, the auction non-allottees will be refunded only from coming Monday (Asadh 19, 2074). An official of NIC Asia Capital Limited informed that the auction non-allottees will have the money transferred directly to their bank accounts. As per the newly amended Securities Issue and Allotment Guidelines 2074 released by Securities Board of Nepal (SEBON), the company that had auctioned the shares should begin refunding the money in 3 days. If NICA issues refunds from coming Monday, this acts directly against the SEBON’s guideline as the money will be refunded only after 10 days. Lately, several investors have also been stressing that since the cutoff price is decided on the bid opening day itself, allotment of shares and refunds should not take more than 3 days. Since the company does not provide any interest in the amount received on auctions, the money only generates interest for the issue manager. [Update: NICA has revised the refund date to Asadh 16, 2074 i.e. June 30, 2017. The refunds, in this case, are being issued on the 7th day.]