Appointment of Lead Managers requires registered merchant bankers, predetermined responsibilities, and independent assessment of intermediaries. Issuers must appoint registered merchant bankers as lead managers, predetermine and disclose each lead manager's rights and obligations, ensure at least one lead manager is non-associate, and require associate lead managers to limit their role to marketing. Issuers must enter into prescribed agreements with lead managers, recognise deemed ASBA agreements with syndicate banks, have lead managers independently assess and advise on other registered intermediaries and require appropriate agreements. For book-built issues appoint syndicate members; otherwise appoint bankers to issue. Appoint a registrar with depository connectivity and a person qualified to be a company secretary as the compliance officer responsible for securities law compliance and investor grievance redressal.