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of <h1>SEBI amends Regulation 22, shifting merchant banker underwriting duties from fixed minimum commitments to flexible, Board-prescribed obligations</h1> Regulation 22 of the SEBI (Merchant Bankers) Regulations, 1992 now provides that merchant bankers shall undertake underwriting activities as prescribed by the Securities and Exchange Board of India from time to time, replacing earlier fixed quantitative obligations. Previously, a Category I lead merchant banker was required to accept a minimum underwriting obligation of five percent of the total underwriting commitment or twenty-five lakh rupees, whichever was less, with an option to arrange equivalent underwriting by another associated merchant banker and an obligation to inform the Board. In certain specified issues, merchant bankers were additionally required to underwrite at least fifteen percent of the issue size, individually or jointly.
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