The Securities and Exchange Board of India (SBI), on December 03, 2025, issued the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2025, to further amend the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.
The following has been stated namely:-
• In regulation 2, in sub-regulation (1), the existing clause (d) shall be substituted with the following clause, namely,- “(d) “principal officer” means an employee of the merchant banker, who has at least five years of experience in working in the financial markets, and who has been designated as such by the merchant banker, and is responsible for the decisions made by the merchant banker for the management or administration of merchant banking activities and all other operations of the merchant banker:
Provided that a merchant banker that already holds a certificate of registration under these regulations shall ensure compliance with this clause within such time and in the manner, as may be specified by the Board;”
• In regulation 9A, sub-regulation (1), the existing clause (d), shall be substituted with the following clause, namely,- “(d) it shall maintain capital adequacy requirements specified in regulation 7 at all times;”
[Notification no. SEBI/LAD-NRO/GN/2025/282]
