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of <h1>Regulation 6 tightens merchant banker registration with strict eligibility, fit-and-proper checks and investor-protection safeguards requirements throughout</h1> Regulation 6 empowers the Board to assess all relevant matters before registering a merchant banker, focusing on specified eligibility conditions. The applicant must be a body corporate or LLP (excluding foreign corporates other than RBI-licensed foreign banks, One Person Companies, and NBFCs), have adequate infrastructure, and employ at least two professionally qualified persons in finance, law, accountancy, or business management, whose certifications, along with that of the compliance officer, meet Board requirements. The applicant must satisfy capital adequacy and liquid net worth norms, be free from securities-market litigation adversely affecting its business, and have no directors, partners, or principal officers convicted of moral turpitude or economic offences. The applicant must be fit and proper, registration must serve investor interests, and additional conditions apply where it is directly or indirectly connected with an existing registered merchant banker.
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