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of <h1>Issuers must appoint registered underwriters for IPOs of IDRs under SEBI Regulation 198 if not using book building.</h1> Under Regulation 198 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, issuers making an initial public offer (IPO) of Indian Depository Receipts (IDRs) must appoint registered merchant bankers or stock brokers as underwriters if not using the book building process. For public issues via book building, lead managers and syndicate members must underwrite the issue, entering into agreements before filing the prospectus. They must subscribe to specified securities at a predetermined price if there is under-subscription. Lead managers must fulfill underwriting obligations if syndicate members fail, and they must meet minimum obligations as per SEBI regulations.
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