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of <h1>Issuing companies must appoint lead merchant bankers for managing IDRs and disclose duties in the prospectus as per SEBI rules.</h1> Issuing companies must appoint merchant bankers, including a lead merchant banker, to manage the issuance of Indian Depository Receipts (IDRs). Responsibilities and obligations of multiple merchant bankers must be predetermined and disclosed in the prospectus. The company must file a draft prospectus with the Securities and Exchange Board of India (SEBI) and submit due diligence certificates at various stages. Companies must also establish collection centers and advertise the issue in widely circulated English and Hindi newspapers. The prospectus must incorporate all SEBI's amendments and suggestions before finalization and public advertisement.
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