No person connected with the issue shall offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or services or otherwise to any person for making an application for allotment of specified securities:
Provided that nothing contained in this regulation shall apply to fees or commission for services rendered in relation to the issue.
Explanation: For the purpose of this regulation, the expression “person connected with the issue” includes a person connected with the distribution of the issue.