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.{sfn|Subramanyam|2008|p=9–4} This is also known as hard underwriting.{sfn|Competiti... Found on http://en.wikipedia.org/wiki/Devolvement
devolvement 1. The delegation of authority; especially, from a central to a regional government. 2. The act or process of devolving (passing responsibilities or rights to another); devolution. Found on http://www.wordinfo.info/words/index/info/view_unit/1288/4