Master Circular for Merchant Bankers Registered with SEBI


SEBI vide circular dated September 26, 2023 has issued Master Circular for Merchant Bankers Registered with SEBI. The SEBI Intermediary Portal is available at for SEBI registered intermediaries including Merchant Bankers to submit registration applications online. SEBI Intermediary Portal includes online application for registration, processing of application, grant of final registration, application for surrender/cancellation, submission of periodical reports, requests for change of name/ address/ other details, etc. The link for SEBI Intermediary Portal is also available on SEBI website –

All applications for registration / surrender / other requests are required to be made through SEBI Intermediary Portal only. The applicants are separately required to submit relevant documents viz. declarations / undertakings required as a part of application forms prescribed in relevant regulations, in physical form, only for records without impacting the online processing of applications for registration.

In case of any queries and clarifications with regard to the SEBI Intermediary Portal, Merchant Bankers may contact on 022-26449364 or may write at

With effect from July 01, 1998, a merchant banker shall undertake only those activities which are relating to securities market and which do not require registration/granted exemption from registration as an NBFC from RBI. It is clarified that, in particular, a merchant banker may undertake the following activities:

  1. Managing of Public Issue of Securities.
  2. Underwriting connected with the aforesaid Public Issue Management Business.
  3. Managing/advising on International Offerings of Debt/Equity i.e. GDR, ADR, bonds and other instruments.
  4. Private Placement of Securities.
  5. Primary or Satellite dealership of Government Securities.
  6. Corporate Advisory Services related to the Securities Market such as takeovers, acquisitions, disinvestment etc.
  7. Stock-broking
  8. Advisory services for projects
  9. Syndication of rupee term loans.
  10. International Financial Advisory Services

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