Lead manager responsibilities clarified requiring defined allocation and disclosure of disclosure, allotment and refund duties in offer documents. Amendments require merchant bankers to employ at least two professionally qualified persons, strengthen lead manager duties by mandating that responsibilities for disclosures, allotment and refund be clearly defined and disclosed in draft and final offer documents, prohibit merchant bankers who are promoters or associates from leading or being associated with an issuer's regulated activities subject to narrow exceptions, require underwriting subscriptions prior to finalisation of basis of allotment, and impose timelines for Board intimation of registration changes and transaction reporting of acquisitions.