Lead manager appointment and associate restrictions shape disclosure and conflict controls in public issues of non convertible securities. Regulation 25 mandates appointment of one or more lead managers registered with the Board for public issues of debt securities and non-convertible redeemable preference shares, requires pre determination and disclosure of each lead manager's rights and duties where multiple managers exist, restricts sole lead managers from being associates and limits the role of any associate lead manager to marketing without issuing due diligence certificates, and bars issuers from using proceeds to lend to or acquire shares of promoter group entities except for specified financial institutions subject to prescribed disclosures.