Capital adequacy requirement increased for merchant bankers; registration and renewal now require revised non refundable fees and compliance conditions. Definitions for merchant banker regulation are expanded to include change of status, change in control, issue and certificate; applications for registration and renewals must include specified non refundable fees in Schedule II; capital adequacy is set as a net worth of not less than five crores rupees (paid up capital plus free reserves). Registrations are subject to conditions including prior Board approval for status changes, maintenance of capital adequacy, investor grievance redressal within one month, payment of fees, and three year validity of certificates.