Regulation 35 - Investment Bankers - International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2025

35. Investment Bankers (1) An investment banker shall enter into an agreement with the issuer of securities specifying the roles and responsibilities of the investment banker in the issue. (2) Where there is more than one lead investment banker to the issue, the responsibilities of each of such lead investment banker shall be clearly demarcated. (3) An investment banker shall not undertake any activity, except for marketing of the issue or offer, if the investment banker is a promoter or an associate of the issuer of securities or of any person making an offer to sell or purchase securities in terms of any regulations made by the Authority. (4) No investment banker or any of its principal officer, directors, partner or manager shall either on their respective accounts or through their associates or relatives enter into any transaction in securities of issuer on the basis of unpublished price sensitive information obtained by them in the course of any professional assignment. (5) An investment banker shall submit to the Authority complete particulars of any transaction for acquisition of securities of any body corporate whose issue is being managed by that investment banker within fifteen days from the date of entering into such transaction. (6) An investment banker may act as an underwriter of an issue in an IFSC, subject to the following conditions: (a) An investment banker acting as an underwriter, shall enter into an agreement with the issuer of securities, on whose behalf it is acting as an underwriter, which shall have the understanding in relation to amount of underwriting obligations and commission, allocation of duties and responsibilities, timelines and other relevant details. (b) At any point of time, the total underwriting obligations under all the agreements shall not exceed twenty times the net worth of the investment banker.