Regulation 22B - General responsibilities of a merchant banker as an underwriter - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

1 [ General responsibilities of a merchant banker as an underwriter. 22B. (1) A merchant banker acting as an underwriter shall not derive any direct or indirect benefit from underwriting the issue other than the commission or brokerage payable under the agreement for underwriting entered with client. (2) At any point of time, the total underwriting obligations under all the agreements shall not exceed twenty times of the net worth of the merchant banker. (3) Every merchant banker acting as an underwriter, in the event of being called upon to subscribe for securities of a body corporate pursuant to an agreement for underwriting, shall subscribe to such securities within 45 days of the receipt of such intimation from such body corporate. ] ************ NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/13 dated 30-03-2021