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<h1>Merchant bankers: new Category I/II registration, mandated net worth and liquid asset floors, stricter governance and conflict limits.</h1> The amendments create Category I and Category II registration for merchant bankers, specify a principal officer definition, and restrict eligible applicant forms. They impose capital adequacy minimum net worth (Rs.50 crore Category I; Rs.10 crore Category II) and a new liquid net worth requirement (Rs.12.5 crore Category I; Rs.2.5 crore Category II), prohibit fresh permitted activities until compliance, cap underwriting relative to liquid net worth, ban outsourcing of core activities, bar lead-managing own issues and certain conflicted issues, require certification and independence for compliance officers, mandate eight-year records retention and in India data storage, and update application forms and reporting obligations.