Merchant banker definitions establish issue-management roles, principal-officer accountability, underwriting scope, and control standards for listed and unlisted body corporates.

Merchant banking definitions treat an issue as an offer to sell or purchase securities by or on behalf of a body corporate, person or group, to or from the public or relevant security holders through a merchant banker. A merchant banker carries on issue-management business through securities arrangements and related advisory services. Change in control for listed body corporates follows control regulations made under the SEBI Act, whereas unlisted body corporates follow the Companies Act definition. A principal officer must be a designated employee with at least five years' financial-market experience and responsibility for merchant banking decisions and operations.

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