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of <h1>Regulation 21A limits promoter or associate merchant bankers to marketing roles, barring lead manager and regulated activities</h1> Regulation 21A prohibits a merchant banker that is a promoter or an associate of an issuer of securities, or of a person making an offer to sell or purchase securities under SEBI regulations, from acting as lead manager or being associated with any regulated activity for that issuer or person. Such a merchant banker may participate only in marketing the issue or offer. A merchant banker is deemed an associate where there is at least ten percent voting control, direct or indirect control, or a common director, except where the director is a nominee director or a recused independent director.
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