Merchant banker business restriction limits non bank firms to securities market activities and requires separate registrations for underwriter and portfolio manager. Amendments confine applications under regulation 3 to the principal activity and mandate separate SEBI registration for underwriters and portfolio managers; regulation 6 now requires applicants to be a body corporate (excluding specified non banking financial companies) and to be fit and proper. Regulations 8 and 9 are simplified by deleting category intimations and certain sub regulations, and Forms in Schedule I are adjusted to remove multi category fields. New regulation 13A prohibits merchant bankers, except banks and public financial institutions, from carrying on businesses outside the securities market, with a limited transitional exception for pre existing contracts.