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of <h1>Regulation 106P requires SME issues to be fully underwritten, with merchant bankers covering at least 15%.</h1> Regulation 106P mandates that issues by small and medium enterprises must be fully underwritten, with merchant bankers underwriting at least 15% on their own accounts. Issuers, in consultation with merchant bankers, may appoint additional underwriters per SEBI regulations. If underwriters or nominated investors fail to subscribe to any unsubscribed portions, merchant bankers must fulfill these obligations. Other underwriters may only subscribe to fulfill their agreements with the merchant banker. All underwriting and subscription arrangements must be disclosed in the offer document, and merchant bankers must file an undertaking with SEBI confirming full underwriting before the issue opens.
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