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of <h1>Merchant bankers must adhere to strict underwriting limits and subscribe to securities before allotment as per SEBI regulations.</h1> A merchant banker acting as an underwriter must not gain any benefit beyond the agreed commission or brokerage. Their total underwriting obligations cannot exceed twenty times their net worth. If required to subscribe to securities under an underwriting agreement, the merchant banker must do so before the finalization of the allotment basis. These provisions are part of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, with amendments made in 2021 and 2024.
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