Lead merchant banker appointment requirements for issues were omitted, including contractual duties concerning disclosures, allotment and refunds. Regulation 18 was omitted with effect from 26 August 2009. Previously, every securities issue had to be managed by at least one lead merchant banker, ... Summary
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
Lead merchant banker appointment requirements for issues were omitted, including contractual duties concerning disclosures, allotment and refunds.
Regulation 18 was omitted with effect from 26 August 2009. Previously, every securities issue had to be managed by at least one lead merchant banker, subject to an exception for qualifying small rights offers to existing members. Before accepting an assignment, the lead merchant banker was required to enter into an agreement with the issuing body corporate setting out mutual rights, liabilities and obligations relating to disclosures, allotment and refund.
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