Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

Chapter: I
PRELIMINARY
Regulation 1	:	Short title and commencement
Regulation 2	:	Definitions
Chapter: II
REGISTRATION OF MERCHANT BANKERS
Regulation 3	:	Application for grant of certificate of registration
Regulation 4	:	Application to conform to the requirements
Regulation 5	:	Furnishing of information, clarification and personal representation.
Regulation 6	:	Consideration of application
Regulation 6A	:	Criteria for fit and proper person
Regulation 7	:	Capital adequacy requirement
Regulation 8	:	Grant of certificate of registration
Regulation 8A	:	Omitted
Regulation 9	:	Omitted
Regulation 9A	:	Conditions of registration
Regulation 9B	:	Omitted
Regulation 10	:	Procedure where registration is not granted
Regulation 11	:	Effect of refusal to grant certificate of permanent registration
Regulation 12	:	Payment of fees and the consequences of failure to pay fee
Chapter: III
GENERAL OBLIGATIONS AND RESPONSIBILITIES
Regulation 13	:	Code of conduct
Regulation 13A	:	Merchant banker not to associate with any business other than that of the securities market
Regulation 14	:	Maintenance of books of account, records etc.
Regulation 15	:	Submission of half-yearly results
Regulation 16	:	Maintenance of books of account, records and other documents.
Regulation 17	:	Report on steps taken on auditor’s report.
Regulation 18	:	Omitted
Regulation 19	:	Restriction on appointment of lead managers (Omitted)
Regulation 20	:	Responsibilities of lead managers
Regulation 21	:	Lead merchant banker not to associate with a merchant banker without registration
Regulation 21A	:	Merchant banker not to act as such for an associate
Regulation 22	:	Underwriting obligations
Regulation 22A	:	Agreement with clients
Regulation 22B	:	General responsibilities of a merchant banker as an underwriter
Regulation 23	:	Submission of due diligence certificate.
Regulation 24	:	Omitted
Regulation 24A	:	Omitted
Regulation 25	:	Omitted
Regulation 26	:	Acquisition of shares prohibited.
Regulation 27	:	Information to the Board
Regulation 28	:	Disclosures to the Board
Regulation 28A	:	Appointment of compliance officer
Regulation 28B	:	Dispute Resolution
Regulation 28C	:	Grievance Redressal Mechanism
Chapter: IV
PROCEDURE FOR INSPECTION
Regulation 29	:	Board’s right to inspect
Regulation 30	:	Notice before inspection.
Regulation 31	:	Obligations of merchant banker on inspection by the Board.
Regulation 32	:	Submission of report to the Board
Regulation 33	:	Action on inspection or investigation report.
Regulation 34	:	Appointment of auditor
Chapter: V
PROCEDURE FOR ACTION IN CASE OF DEFAULT
Regulation 35	:	Liability for action in case of default
Regulation 36	:	Omitted
Regulation 37	:	Omitted
Regulation 38	:	Omitted
Regulation 39	:	Omitted
Regulation 40	:	Omitted
Regulation 41	:	Omitted
Regulation 42	:	Omitted
Regulation 43	:	Omitted
Chapter: VI
POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS
Regulation 44	:	Exemption from enforcement of the regulations in special cases
SCHEDULE
SCHEDULE - I	:	Application for Grant of Certificate of Registration
SCHEDULE - II	:	FEES
SCHEDULE - III	:	CODE OF CONDUCT FOR MERCHANT BANKERS
SCHEDULE - IV	:	Omitted