Merchant banker due diligence required: qualifying placements must be managed and certification furnished to listing exchanges.

A qualified institutions placement must be managed by registered merchant bankers who exercise due diligence. When applying for in principle listing approval for eligible securities issued under the placement, the merchant banker must furnish to each stock exchange where the same class of equity shares are listed a due diligence certificate confirming issuance under the qualified institutions placement and the issuer's compliance with the Chapter's requirements.

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