Merchant banker conflict safeguards bar promoters and associates from lead-managing connected securities issues, limiting associates to marketing roles.

Merchant bankers that are promoters or associates of an issuer or offeror cannot lead manage an issue or participate in related activities, except where an associate is engaged solely for marketing. Association is determined by at least ten per cent voting-rights ownership, direct or indirect control, or common directorship involving the issuer, its subsidiary or holding company, and the merchant banker. Nominee directors are excluded, and independent directors are excluded where they recuse from the relevant issue before both boards.

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