Merchant banker not to act for its associate

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....ffer to sell or purchase securities in terms of any of the regulations made by the Board, shall not lead manage any issue or be associated with any activity undertaken under any of the regulations made by the Board by such issuer or person:] Provided that a merchant banker who is an associate of such issuer or person may be appointed, if ^4[it] is involved only in the marketing of the issue or ....

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....use shall not be applicable where the director concerned is an independent director subject to recusal by the said independent director in respect of the issue from the boards of both issuer and merchant banker.]]     ************ NOTES:- 1 Inserted by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, w.e.f., 26....