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of <h1>SEBI's new merchant banker net worth, liquid assets, underwriting cap and certification rules, with phased deadlines and penalties</h1> SEBI prescribes phased compliance for revised net worth and new liquid net worth under the Merchant Bankers Regulations: new applicants must meet them on application, while existing merchant bankers must meet Phase I levels by 02.01.2027 and Phase II levels by 02.01.2028, failing which they are re-designated to Category II or barred from fresh permitted activities. 'Liquid net worth' is defined as unencumbered liquid assets subject to specified haircuts, affecting computation and compliance. Total underwriting obligations are capped at 20 times liquid net worth, with existing entities required to comply by 02.01.2028, and half-yearly CA certifications mandated. Mandatory NISM certifications, a separate independent compliance officer, a principal officer with 5 years' market experience, and a prohibition on outsourcing core activities are imposed with specified transition timelines. Minimum cumulative revenue thresholds are set, with cancellation exposure from the first assessment on 01.04.2029, and detailed ring-fencing and disclosure conditions are imposed for non-permitted/non-SEBI-regulated activities.
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