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<h1>Issuers must appoint an independent SEBI-registered Registrar; lead managers can't double as Registrars.</h1> The issuer must appoint a Registrar to the Issue registered with the Securities and Exchange Board of India (SEBI) and connected with all depositories. If the issuer is also a Registrar, it cannot appoint itself for this role. Additionally, the lead manager handling post-issue responsibilities cannot serve as the Registrar to the Issue.