Appointment of merchant bankers governs intermediary selection, predetermined obligations, and registrar connectivity for public and rights issues. The issuer must appoint one or more merchant bankers, including at least one lead merchant banker, and, in consultation with the lead, appoint only intermediaries registered with the Board. Rights and obligations of multiple merchant bankers must be predetermined and disclosed in the offer document; the lead merchant banker must independently assess other intermediaries' capability. Issuers must enter into prescribed agreements with intermediaries without diminishing statutory liabilities, recognise ASBA deemed agreements, appoint syndicate members or bankers to issue as applicable, and appoint a registrar with connectivity to all depositories while ensuring the lead merchant banker does not act as registrar where it handles post-issue responsibilities.