Merchant banker registration requires prior control-change approval, continuous financial capacity, timely investor grievance redressal, and core activity outsourcing restrictions.

Registration requires prior approval for a change in control, payment of registration fees, investor grievance redressal within twenty-one calendar days, and continuous maintenance of capital adequacy and liquid net worth. Merchant bankers must report changes in registration information within seven working days, undertake only permitted activities, and refrain from outsourcing due diligence, offer-document preparation, or other specified core activities. Underwriting requires a valid agreement with the relevant body corporate. Minimum-revenue and employee and compliance-officer certification requirements apply, subject to specified transitional compliance arrangements.

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