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This article is about a specialist concept in banking. For the more general concept for which this name is often a synonym, see devolution (disambiguation).

In the investment banking sector, particularly in India, devolvement is a process whereby if an investment issue is undersubscribed, an underwriter is required to subscribe to the remaining shares. The outstanding unsubscribed amount devolves onto the underwriter.[1] This is also known as hard underwriting.[2] The Securities and Exchange Board of India publishes guidelines and a recommended method of computation relating to the extent of the devolvement onto a particular underwriter in the case where there are multiple underwriters, or sub-underwriters.[1]



  • Subramanyam, Pratap G (2008). "Underwriting". Investment Banking: Concepts, Analyses, and Cases. Tata McGraw-Hill Education. ISBN 978-0-07-065690-1. 
  • "Underwriting services for share offers: A report on the Supply in the UK of underwriting services for share offers". Competition Commission. 1999.  |chapter= ignored (help)

Further reading[edit]