Appointment of lead managers and intermediaries clarifies registration, disclosure, and compliance roles including a qualified compliance officer. Issuers must appoint registered merchant bankers as lead manager(s) with predetermined and disclosed rights and obligations; at least one lead manager must not be an associate and any associate lead manager is limited to marketing. Lead managers must assess and advise on other registered intermediaries, and issuers must enter into required agreements without diminishing statutory liabilities. Book-built issues require syndicate members, other issues require bankers to the issue at prescribed centres. Issuers must appoint a registrar with depository connectivity and designate a person qualified to be a company secretary as compliance officer responsible for securities law compliance and investor grievance redressal.