Conflict of interest: Merchant banker prohibited from acting for an associate; permitted only when limited to marketing. A merchant banker who is a promoter or an associate of an issuer or of a person making an offer to sell or purchase securities shall not lead-manage any issue or be associated with activities under the Board's regulations by that issuer or person, except where the merchant banker is appointed solely for marketing. An 'associate' includes situations where either party controls not less than ten per cent of the other's voting rights, exercises control directly or indirectly (alone or with others), or shares a common director, subject to exclusions for nominee directors and recusal of independent directors.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Conflict of interest: Merchant banker prohibited from acting for an associate; permitted only when limited to marketing.
A merchant banker who is a promoter or an associate of an issuer or of a person making an offer to sell or purchase securities shall not lead-manage any issue or be associated with activities under the Board's regulations by that issuer or person, except where the merchant banker is appointed solely for marketing. An "associate" includes situations where either party controls not less than ten per cent of the other's voting rights, exercises control directly or indirectly (alone or with others), or shares a common director, subject to exclusions for nominee directors and recusal of independent directors.
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