Underwriting responsibilities restrict compensation, cap aggregate exposure, and require subscription before finalisation of the basis of allotment. Merchant bankers acting as underwriters may not derive any direct or indirect benefit from underwriting other than commission or brokerage payable under ... Summary
Underwriting responsibilities restrict compensation, cap aggregate exposure, and require subscription before finalisation of the basis of allotment.
Merchant bankers acting as underwriters may not derive any direct or indirect benefit from underwriting other than commission or brokerage payable under the underwriting agreement. Aggregate underwriting obligations must not exceed twenty times liquid net worth, subject to compliance by existing registered merchant bankers within the time and manner specified by the Board. Where called upon to subscribe to securities, subscription must occur before finalisation of the basis of allotment.
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