SEBI has proposed review of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992. The objective of this consultation paper is to seek comments / views / suggestions from the public and other stakeholders on the proposal to amend Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.
The comments / suggestions along with rationale should be submitted no later than September 18, 2024.
It is proposed that merchant bankers, other than Banks, Public Financial Institution and their subsidiaries, shall undertake only those activities, which are related to securities market and come under the jurisdiction of SEBI (permitted activities) as follows:
- Managing of Public issues, Qualified Institutions Placements and Rights issues of securities; and advisory or consulting services incidental to such Public issues, Qualified institutions placements and Rights issues.
- Managing of: a. Acquisitions and Takeovers under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 b. Buyback under SEBI (Buy-back of Securities) Regulations 2018 c. Delisting under SEBI (Delisting of Equity Shares) Regulations, 2021 d. Scheme of arrangement under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 e. Implementation of Scheme under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 f. any other activity as permitted under respective SEBI Regulations advisory or consulting services incidental to abovementioned activities.
- Underwriting of securities as permitted under applicable SEBI Regulations.
- Private Placement of securities that are listed or proposed to be listed on a stock exchange recognized by the Board.
- Managing of International Offering of securities and incidental advisory or consulting services to such Offering.
- Filing of placement memorandum of AIFs.
- Issuance of fairness opinion.
- Any activity specified by the Board, from time to time, that requires the services of a merchant banker.
