Due diligence certificate requirement: lead managers must confirm disclosure completeness and regulatory compliance before municipal securities issuance. Lead managers/merchant bankers must provide a due diligence certificate confirming examination and verification of issue documents, that draft offer documents or preliminary placement memoranda conform to material records, and that material legal requirements and disclosures necessary for informed investor decisions have been complied with. They must confirm intermediary registration and non-debarment, arrangements for separate banking of issue proceeds, adherence to advertisement rules, updating and filing of offer documents, depository dematerialisation agreements, and enclose a due diligence process note plus a regulation-wise compliance checklist.