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          <h1>Issuers Must Appoint SEBI-Registered Merchant Bankers as Lead Managers; Roles to Be Disclosed in Offer Documents</h1> The issuer must appoint one or more SEBI-registered merchant bankers as lead managers for a public issue. If multiple lead managers are involved, their roles and responsibilities must be predetermined and disclosed in the offer documents. The issuer, in consultation with the lead managers, will appoint other registered intermediaries after assessing their capabilities. If there is only one lead manager, they must not be an associate of the issuer. In cases with multiple lead managers, at least one must not be an associate. If a lead manager is an associate, it must disclose this and limit its role to marketing the issue.

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