In the investment banking sector, particularly in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

, devolvement is a process whereby if an investment issue is undersubscribed, an

underwriter Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liabilit ...

is required to subscribe to the remaining shares. The outstanding unsubscribed amount ''devolves'' onto the underwriter. This is also known as hard underwriting. 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.

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