Merchant Bankers

What this module covers

Merchant Bankers are registered and regulated under the SEBI (Merchant Bankers) Regulations, 1992 (last amended 5 December 2025), which govern who can lead-manage a public issue and what they must do before, during and after it. Before an issue, the lead manager must file a Due Diligence Certificate (Form C), confirming it has examined the issuer’s disclosures, financials and material contracts for adequacy in the draft prospectus or letter of offer; the regulations also bar outsourcing of core activities such as issuer due diligence and offer-document preparation. During the issue, a Category I lead manager accepting underwriting must commit to a minimum underwriting obligation (5% of the total underwriting commitment, or ₹25 lakh, whichever is less). Post-issue obligations continue after listing — monitoring the use of issue proceeds and other continuing disclosures the lead manager remains responsible for.

The 8 control pages below turn this framework into operational checkpoints — confirming registration and category (P-01) through to inspection-readiness (P-08) — covering due-diligence documentation, underwriting-commitment sizing, and the post-issue monitoring obligations that persist after the offer closes.

Control pages

Official sources

• SEBI — Merchant Bankers Regulations, 1992 (last amended 5 December 2025)

Current law status: the Merchant Bankers Regulations are in force as of this review date, last amended 5 December 2025. Verify for further amendments before relying on this page for a live compliance decision.