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    <title>Appointment of Merchant Banker and other intermediaries</title>
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    <description>Issuers must appoint one or more merchant bankers registered with the Board as lead manager(s), with predetermined and disclosed rights and obligations where multiple lead managers exist; lead managers must independently assess and, with the issuer, appoint other registered intermediaries. A sole lead manager may not be an associate of the issuer; where multiple lead managers are appointed at least one must not be an associate; if a lead manager is an associate it must disclose that status and its role is limited to marketing the issue.</description>
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