Merchant bankers manage public issues, rights issues, buybacks and open offers and must register with SEBI under the SEBI (Merchant Bankers) Regulations. Applicants must be body corporates meeting net worth requirements, with experienced key personnel and infrastructure. SEBI has revised the framework with categories linked to net worth, so check the latest regulations.
Activities
- IPO and FPO management
- Rights issues and QIPs
- Takeover open offers and buybacks
- SME IPOs
Eligibility
- Net worth as per category
- Experienced professionals
- Office infrastructure
Process
- Apply online to SEBI.
- Submit documents and fees.
- Inspection and queries.
- Registration.
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Due diligence obligations, reporting and code of conduct.
Frequently asked questions
Can merchant bankers do lending?
Restrictions apply; activities are limited to those permitted.
Are SME IPOs managed by merchant bankers?
Yes, SME issues require registered merchant bankers.
Validity of registration?
SEBI registrations are generally permanent subject to fees and compliance.
How long does registration take?
Several months.
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