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of <h1>New 2025 merchant banker rules tighten capital norms, redefine principal officer, restrict conflicts, mandate data localization, segregation</h1> Securities regulator issues 2025 amendments to the Merchant Bankers Regulations, effective 30 days after publication. Key changes redefine 'principal officer,' introduce two registration categories (Category I and II), and impose enhanced capital adequacy and liquid net worth thresholds, linked to underwriting limits. Eligibility is restricted to specified body corporates and LLPs, with experience, certification, and independence requirements for key employees and the compliance officer. Merchant bankers must meet minimum revenue criteria, maintain books for eight years, localize data in India, and segregate non-core and other regulated activities into separate business units. New conflict-of-interest rules bar managing own issues and restrict mandates where key personnel hold issuer shares. SEBI may specify further conditions and issue clarificatory circulars.
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