Conflict-of-interest prohibition for merchant bankers restricts acting for associates with a limited marketing exception under amended regulations. Amendments require debenture trustees to supervise creation of security and debenture redemption reserve, obtain lead bank progress reports, monitor utilisation of issue funds, and secure auditor certificates on fund utilisation during project implementation and annually for working-capital debentures. Merchant bankers must provide expanded renewal disclosures, are prohibited from acting for an issuer if they are a promoter, director or an associate (except for pure marketing roles), and must submit prescribed half-yearly reports in the new Schedule IV format; certain prior provisions and forms are omitted.