In exercise of the powers conferred by section 30 read with clause b of sub section 2 of section 11 of the Securities and Exchange Board of India Act

REGD. No. D. L.-33004/99 The Gazette of India EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY CG-MI-E-05122025-268275 No. 784] NEW DELHI, WEDNESDAY, DECEMBER 3, 2025/AGRAHAYANA 12, 1947 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 3rd December, 2025 SECURITIES AND EXCHANGE BOARD OF INDIA (MERCHANT BANKERS) (AMENDMENT) REGULATIONS, 2025 F. No. SEBI/LAD-NRO/GN/2025/282.— In exercise of the powers conferred by section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, namely:— 1. These regulations may be called the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2025. 2. They shall come into force on the thirtieth day from the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, – I. 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;" II. the existing regulation 3 shall be substituted with the following regulation, namely,- "Application for grant of certificate of registration. 3. (1) No person shall act as a merchant banker or hold itself out as a merchant banker unless it has obtained a certificate of registration from the Board under these regulations. (2) An application by a person for grant of a certificate of registration shall be made to the Board in Form A. (3) An application for registration made under sub-regulation (2) shall be accompanied by a non- refundable application fee as specified in Schedule II. (4) The application under sub-regulation (2) shall be made for any one of the following categories of merchant banker namely:- (a) Category I, which can carry out all the permitted activities; (b) Category II, which can carry out all the permitted activities except public issues of equity shares proposed to be listed on the main board of a recognised stock exchange: Provided that a merchant banker that already holds a certificate of registration under these regulations shall re-categorise itself as Category I or Category II within such time period and in the manner, as may be specified by the Board." III. in regulation 6, i. after the words "of a" and before the words "merchant banker", the word "to" shall be omitted; ii. the existing clause (a) without the proviso therein, shall be substituted with the following clause namely,- "(a) the applicant shall be a body corporate including a company incorporated under the Companies Act, 2013 or any previous company law or a limited liability partnership firm, except- (i) a body corporate incorporated outside India other than a foreign bank licensed by the Reserve Bank of India; (ii) a One Person Company as defined under the Companies Act, 2013 (18 of 2013), and (iii) a non-banking financial company as defined under clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934), as amended from time to time:"; iii. after the existing clause (b), the following clause shall be inserted, namely – "(ba) the employees referred to in clause (b) and the compliance officer shall possess such certification(s) as may be specified by the Board;". iv. the existing clause (c) shall be omitted, v. the existing clause (d) shall be substituted with the following clause, namely, – "(d) the applicant fulfils the capital adequacy and liquid net worth requirements specified in regulations 7 and 7A;". vi. in the existing clause (h), the symbol “.” shall be substituted with the symbol ";"; vii. after the existing clause (h), the following clause shall be inserted, namely – "(i) the conditions as specified by the Board, in case the applicant is directly or indirectly connected with a person already registered with the Board under these regulations. Explanation: For the purposes of this clause, - (i) the expression "directly or indirectly connected" with reference to any person means an associate or subsidiary, or inter-connected or group company of the applicant; in case of the applicant being a body corporate; (ii) the certificate of registration granted to a merchant banker connected directly or indirectly with another merchant banker prior to the commencement of the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2025 shall continue to be valid." IV. the existing regulation 7 shall be substituted with the following regulation, namely,- "Capital adequacy requirement. 7. (1) The capital adequacy requirement referred to in clause (d) of regulation 6 shall be a net worth of not less than- (i) fifty crore rupees for Category I merchant banker, and (ii) ten crore rupees for Category II merchant banker: Provided that the capital adequacy requirement for a merchant banker that already holds a certificate of registration under these regulations shall be complied with, in the manner and within such time, as may be specified by the Board. (2) A merchant banker that fails to meet the minimum net worth requirement specified in sub- regulation (1), without prejudice to any action that may be taken by the Board, shall not undertake any fresh permitted activity, till such time it complies with the requirement. Explanation: For the purposes of this regulation, "net worth" - (a) in case of a body corporate, shall have the same meaning assigned to it under sub-section (57) of section 2 of the Companies Act, 2013 (18 of 2013); and (b) in case of a limited liability partnership, shall mean the sum of the partners' contribution (fixed) plus reserves and surplus." V. after existing regulation 7, the following new regulation shall be inserted, namely,- "Liquid net worth requirement. 7A. (1) The liquid net worth requirement referred to in clause (d) of regulation 6 shall not be less than- (i) twelve crore fifty lakh rupees for Category I merchant banker, and (ii) two crore fifty lakh rupees for Category II merchant banker: Provided that the liquid net worth requirement for a merchant banker that already holds a certificate of registration under these regulations shall be complied with, in the manner and within such time, as may be specified by the Board. (2) A merchant banker that fails to meet the minimum liquid net worth requirement specified in sub- regulation (1), without prejudice to any action that may be taken by the Board, shall not undertake any fresh permitted activity, till such time it complies with the requirement. Explanation: For the purposes of this regulation, "liquid net worth" shall mean the net worth that is deployed in unencumbered liquid assets, as may be specified by the Board and the expression "liquid assets" shall mean low risk assets that can be converted into cash in a short period of time such as cash, fixed deposits, government securities, money markets instruments, treasury bills, repo on government securities and acceptable marketable securities with applicable haircut." VI. in regulation 9A, in sub-regulation (1), i. 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;" ii. after the clause (d), the following clause shall be inserted, namely,- "(da) it shall maintain liquid net worth requirements specified in regulation 7A at all times;" iii. the symbol "." appearing in clauses (f) and (g) shall be substituted with the symbol ";"; iv. after the existing clause (g), the following clauses shall be inserted, namely,- "(h) it shall undertake only such activities as specified by the Board under these regulations from time to time; (i) it shall not outsource its core merchant banking activities, namely,- (i) due diligence activities; (ii) preparation of offer related document; and (iii) any other activity as may be specified by the Board from time to time: Provided that a merchant banker that already holds a certificate of registration under these regulations shall ensure compliance with this clause, in the manner and within such time, as may be specified by the Board; (j) it shall generate minimum revenue, as may be specified by the Board, from permitted activities: Provided that the certificate of registration granted to a merchant banker under these regulations may not be cancelled if it is not able to generate minimum revenue due to certain circumstances(s) as may be specified by the Board from time to time; (k) the employees referred to in clause (b) of regulation 6 and the compliance officer shall possess such certification(s) as may be specified by the Board: Provided that in case of a merchant banker that already holds a certificate of registration under these regulations, the employees referred to in clause (b) of regulation 6 and the compliance officer shall obtain such certification(s) within such time as may be specified by the Board." VII. after the omitted regulation 9B, the following new regulation shall be inserted, namely, - "Requirement of minimum revenue generation. 9C. The merchant banker shall ensure that it generates minimum revenue, as specified by the Board, from activities specified under sub-regulation (1) of regulation 13A of these regulations: Provided that this regulation shall not apply to a merchant banker who manages only the issuance of the following securities, - (i) listed or proposed to be listed non-convertible securities, securitized debt instruments, security receipts, municipal debt securities, commercial papers, or (ii) listed or proposed to be listed units of a REIT or an InvIT." VIII. in regulation 12, the existing sub-regulation (2) shall be substituted with the following sub-regulation, namely, - "(2) Where the merchant banker fails to pay such fees as provided in sub-regulation (1), without prejudice to any other action that may be taken by the Board, the merchant banker shall not undertake any new activity till such time the fees is paid by the merchant banker, and shall also be liable to pay interest at 15% per annum for each month of delay or part thereof." IX. the existing regulation 13A shall be substituted with the following regulation, namely, – "Permitted Activities. 13A. (1) A merchant banker who has been granted a certificate of registration under these regulations shall undertake any of the following permitted activities in the securities market that are regulated by the Board, namely: i. managing of public issues, qualified institutions placements, rights issues of securities and advisory or consulting services incidental to such issues; ii. managing of: a. acquisitions and takeovers under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; b. buy-back under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018; c. delisting under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; d. compliances as may be required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of any scheme of arrangement; e. implementation of a scheme under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; and f. advisory or consulting services incidental to the activities specified in clauses (a) to (e); iii. underwriting activities as specified by the Board from time to time; iv. private placement of listed or proposed to be listed securities on a stock exchange recognized by the Board and activities incidental thereto: Explanation: For the purpose of this clause, 'securities' shall be treated as 'proposed to be listed' from the date of approval of the Board resolution of the issuer, for the issuance of such securities to be listed on a stock exchange recognized by the Board; v. managing of international offering of securities and advisory or consulting services incidental to such offering; vi. filing of placement memorandum of an alternative investment fund; vii. issuance of fairness opinion; viii. managing of secondary market transactions of securities listed on a stock exchange recognized by the Board and activities incidental thereto; ix. market making in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; and x. any other activity as may be specified by the Board from time to time. (2) A merchant banker may also undertake – i. other activities regulated by the Board in accordance with the respective regulations made by the Board by obtaining the relevant certificate of registration; and/or ii. activities which fall under the purview of any other financial sector regulator or an authority specified by the Board, in accordance with the regulations or guidelines, if any, issued by such financial sector regulator or authority; and/or iii. activities that do not fall under the purview of the Board or any other financial sector regulator or authority, which shall be fee-based, non-fund based and pertain to the financial services sector; on an arms-length basis through separate business units of such merchant banker, in such manner and subject to such other conditions as may be specified by the Board: Provided that a person which is regulated by the Reserve Bank of India and which holds a certificate of registration under these regulations shall undertake the activities specified under sub-regulation (1) through separate business unit. Provided further that a merchant banker that already holds a certificate of registration under these regulations shall transfer the activities referred to in this sub-regulation to separate business units within a period of six months from the date of coming into force of the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2025 or within such time period as may be specified by the Board. Explanation: For the purpose of this sub-regulation, the expression “financial sector regulator” shall mean an authority or body constituted under any law for the time being in force to regulate services or transactions in the financial sector and includes the Reserve Bank of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, International Financial Services Centre Authority, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India or such other authority as may be specified by the Board, from time to time. (3) A merchant banker shall ensure that the net worth specified for a merchant banker under these regulations is not re-freed from any adverse impact that may arise from undertaking the activities specified under sub-regulation (2). (4) The merchant banker that does not possess the registration for valuation related activities from the relevant regulatory authority shall conclude the existing valuation assignments undertaken by it within a period of nine months from the date of coming into force of the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2025." X. the existing regulation 16 shall be substituted with the following regulation, namely,- "Preservation of books of account, records and other documents. 16. (1) The merchant banker shall preserve the books of account and other records and documents maintained under regulation 14 for a minimum period of eight financial years. (2) A merchant banker shall maintain all the data and information within the territorial limits of India as per the data storage and localization norms as specified by the Board from time to time." XI. in regulation 21A, in the Explanation, in clause (i), the word "fifteen" appearing after the words "not less than" and before the words and symbol "per cent of the voting rights", shall be substituted with the word "ten". XII. after existing regulation 21A, the following new regulations shall be inserted, namely,- "Merchant banker not to act as such in its own issue. 21B. A merchant banker shall not lead manage its own issue or be associated with any other activity undertaken under any of the regulations made by the Board in respect of its own issue. Merchant banker not to act as such in an issue where shares are held by its key managerial personnel or their relatives. 21C. A merchant banker shall not lead manage any public issue, if its directors, other key managerial personnel, compliance officer, employees referred to in clause (b) of Regulation 6, or relative(s) of the said persons, individually or in aggregate hold more than 0.1% of the paid up share capital or shares whose nominal value is more than 10,00,000 rupees, whichever is lower in the issuer. Provided that any such holdings in the issuer through mutual funds and employee stock option schemes may be excluded. Provided further that a merchant banker whose directors, other key managerial personnel, compliance officer, employees referred to in clause (b) of Regulation 6, or relative(s) of the said persons, individually or in aggregate hold more than 0.1% of paid up share capital or shares whose nominal value is more than 10,00,000 rupees, whichever is lower in the issuer may be appointed, if it is involved only in the marketing of the issue, subject to appropriate disclosures as may be specified by the Board. Explanation: For the purpose of this clause, the term ‘relative’ in relation to an individual, shall include- (i) spouse of the person; or (ii) parent of the person and parent of the spouse of such person; or (iii) sibling(s) of the person and sibling(s) of the spouse of such person; or (iv) child of the person and child of its spouse; or (v) spouse of the person referred to at clause (iii); or (vi) spouse of the person referred to at clause (iv); or (vii) Hindu Undivided Family of the concerned person.” XIII. the existing regulation 22 shall be substituted with the following regulation, namely,- "Underwriting obligations. 22. Merchant bankers shall engage in underwriting activities as specified by the Board from time to time." XIV. in regulation 22B, the existing sub-regulation (2) shall be substituted with the following sub-regulation, namely,- "(2) At any point of time, the total underwriting obligations under all the agreements shall not exceed twenty times of the liquid net worth of the merchant banker: Provided that a merchant banker that already holds certificate of registration under these regulations shall comply with the requirements under this sub-regulation, within such time and in the manner, as may be specified by the Board." XV. in regulation 26, i. in the marginal head, the word "shares" shall be substituted with the word "securities"; ii. after the words "principal officer" and before the words "shall either on their respective accounts", the words and symbols “or compliance officer or employees referred to in clause (b) of regulation 6" shall be inserted. XVI. the existing regulation 27 shall be substituted with the following regulation, namely,- "Information to the Board. 27. Every merchant banker shall submit to the Board the following information as a part of the periodic report as specified in sub-regulation (2) of regulation 28 (i) complete particulars of any transaction for acquisition of securities of any body corporate whose issue is being managed by it; (ii) complete particulars of any transaction for acquisition of securities made in pursuance of underwriting or market making obligations in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (iii) any other information as may be specified by the Board from time to time." XVII. the existing regulation 28A shall be substituted with the following regulation, namely,- "Appointment of compliance officer. 28A. (1) A merchant banker shall always have a compliance officer who- (i) at the time of appointment should be a qualified Company Secretary or have a graduate degree in law from a university/institution recognised by the Government; and (ii) at the time of appointment shall have a minimum of two years post qualification experience in activities related to corporate or secretarial compliance; and (iii) shall possess such certification(s) as may be specified by the Board, and in case of an existing compliance officer, such certification(s) shall be obtained within such time as may be specified by the Board: Provided that an existing compliance officer of a merchant banker may continue to act as such if he/she complies with clauses (i), (ii) and (iii) of sub-regulation (1) or has professional qualification with at least five years post qualification experience in activities related to corporate or secretarial compliance and obtains such certification(s) as may be specified by the Board. (2) The compliance officer appointed under sub-regulation (1) shall be- (i) separate and independent from the principal officer and the employees referred to in clause (b) of regulation 6: Provided that a merchant banker that already holds a certificate of registration under these regulations shall comply with the requirement under this clause within such time and in the manner, as may be specified by the Board; (ii) responsible for- a. monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions, etc., issued by the Board or the Central Government; and b. for redressal of investors' grievances. (3) The compliance officer shall immediately and independently report to the Board any non- compliance observed by him/her and ensure that the observations made or deficiencies pointed out by the Board in the draft prospectus or the letter of offer as the case may be, do not recur. (4) In case the office of compliance officer becomes vacant, the merchant banker shall appoint another compliance officer not later than three months from the date of the office becoming vacant: Provided that the merchant banker shall not fill such vacancy by appointing a person in an interim capacity, unless such appointment is made in accordance with conditions applicable to a regular appointment to such an extent as possible and obligations applicable to a regular appointee are also made applicable to such person on interim appointment." XVIII. in regulation 31, i. in sub-regulation (1), the word and symbol "proprietor," appearing after the word and symbol "director," and before the word ", partner" shall be omitted; ii. in sub-regulation (3), the symbol and word ", proprietor" appearing after the word "partner" and before the words "and employee" shall be omitted; iii. in sub-regulation (4), the word and symbol "proprietor," appearing after the word and symbol "director," and before the word "partner", shall be omitted. XIX. after Chapter VI, the following chapter shall be inserted, namely,- 'Chapter VII POWER TO REMOVE DIFFICULTIES 45. In order to remove any difficulties in respect of the applicability or interpretation of these regulations, the Board may issue clarifications or guidelines in the form of circulars.' XX. in Schedule I, in Forms,- i. in FORM A, - a. after the word and roman numeral "Category I", the symbol and roman numeral "/II" shall be inserted; b. in paragraph 2.3, - i. the words and symbol "body corporate," shall be inserted before the words "limited company"; ii. the word "partnership" shall be substituted with the words "limited liability partnership"; iii. the word and symbol "proprietary," shall be omitted; c. in paragraph 2.4, the symbol and word "/Proprietors" shall be omitted; d. in paragraph 5, the sub-paragraph 5.1 shall be substituted with the following: "(₹ in lakhs) +---------------------------+--------------------------------+-----------------+---------------+ | 5.1 Capital Structure | Year prior to the | Preceding year | Current year | | | preceding year or | | | | | current year | | | +===========================+================================+=================+===============+ | (a) Paid-up capital | | | | | (b) Free reserves | | | | | (excluding revaluation | | | | | reserves) | | | | | (c) Securities Premium | | | | | Account | | | | | Total (a) + (b) + (c) | | | | +---------------------------+--------------------------------+-----------------+---------------+" Notes: In case of a limited liability partnership firm, please indicate sum of the partners' contribution (fixed) plus reserves and surplus." e. in the 'DECLARATION' appearing after paragraph 6,- i. the words and symbol ", Two Partners or the Sole Proprietor" appearing after the words ", Two Directors" and before the words and symbol ", as the case", shall be substituted with the words "or Two Partners"; ii. the words "or Sole Proprietor" appearing after the words and symbol "Director/Partner" shall be omitted; ii. in FORM B, clause I shall be substituted with the following clause, namely, – "I. In exercise of the powers conferred by sub-section (1) of section 12 of the Securities and Exchange Board of India Act, 1992, read with the regulations made thereunder, the Board hereby grants a certificate of registration to ______ as a merchant banker in Category I/II subject to the conditions in the regulations to carry out the activities made permissible for its Category under the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992." AMIT PRADHAN, Executive Director [ADVT.-III/4/Exty./520/2025-26] Footnotes: 1. The Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 was published in the Gazette of India on December 22, 1992 vide No. LE/11112/92. 2. The Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 was amended- i. on September 7, 1995 by the Securities and Exchange Board of India (Merchant Bankers) Amendment Regulations, 1995 vide No. SEBI/LE/1/9/95; ii. on November 28, 1995 by the Securities and Exchange Board of India (Payment of Fees) Amendment Regulations, 1995 vide No. S.O. 939 (E); iii. on June 6, 1996 by the Securities and Exchange Board of India (Merchant Bankers)Amendment Regulations, 1996 vide SEBI/LE/III/5/96; iv. on December 9, 1997 by the Securities and Exchange Board of India (Merchant Bankers)Amendment Regulations, 1997 vide No. S.O. 837 (E); v. on December 15, 1997 by the Securities and Exchange Board of India (Merchant Bankers) Amendment Regulations, 1997 vide No. S.O. 869(E); vi. on January 21, 1998 by the Securities and Exchange Board of India (Merchant Bankers)Amendment Regulations, 1998 vide No. S.O. 74 (E); vii. on September 30, 1999 by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 1999 vide No. S.O. 799 (E); viii. on November 17, 1999 by the Securities and Exchange Board of India (Merchant Bankers) (Second Amendment) Regulations, 1999 vide No. S.O. 1119 (E); ix. on March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide No. S.O. 278 (E); x. on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide No. S.O. 476 (E); xi. on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide No. S.O. 1045 (E); xii. on October 1, 2003 by the Securities and Exchange Board of India (Merchant Bankers)(Amendment) Regulations, 2003 vide No. S.O. 1154(E); xili. on March 10, 2004 by the Securities and Exchange Board of India(Criteria for Fit and Proper Person) Regulations, 2004 vide S.O. No. 398(E); xiv. on April 18, 2006 by the Securities and Exchange Board of India (Merchant Bankers)(Amendment) Regulations, 2006 vide No. S.O. 560 (E); xv. on May 3,2006by the Securities and Exchange Board of India (Merchant Bankers) (Second Amendment) Regulations, 2006 vide No. S.O. 640 (E); xvi. on September 7, 2006 by the Securities and Exchange Board of India (Merchant Bankers)(Third Amendment) Regulations, 2006 vide No. S.O. 1448 (E); xvii. on May 28, 2007 by the Securities and Exchange Board of India (Merchant Bankers)(Amendment) Regulations, 2007 vide Notification No.11/LC/GN/2007/2517; xviii. on March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees)(Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669; xix. on May 26, 2008 by the Securities and Exchange Board of India (Intermediaries)Regulations, 2008 vide Notification No. LAD-NRO/GN/2008/11/126538; xx. on August 26, 2009 by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 vide Notification No. LAD/NRO/GN/2009- 10/15/174471; xxi. on April 13, 2010 by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2010 vide Notification No. LAD-NRO/GN/2010-11/04/1109; xxii. on April 19, 2011 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries)(Amendment) Regulations, 2011vide Notification No. LAD/NRO/GN/2011-12/03/12650; xx111. on July 5, 2011 by the Securities and Exchange Board of India (Merchant Bankers)(Amendment) Regulations, 2011 vide Notification No. LAD-NRO/GN/2011- 12/09/21233; xxiv. on August 16, 2011 by the Securities and Exchange Board of India (Merchant Bankers) (Second Amendment) Regulations, 2011 vide Notification No. LAD-NRO/GN/2011- 12/17/26149; XXV. on March 29, 2012 by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2012vide Notification No. LAD-NRO/GN/2011-12/40/7335; xxvi. on May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide Notification No. LAD-NRO/GN/2014-15/03/1089; xxvii. on December 8, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide Notification No. SEBI/LAD/NRO/GN/2016-17/023; xxviii. on March 29, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations,2017vide Notification No. SEBI/LAD-NRO/GN/2016- 17/38; xxix. on April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide Notification No. SEBI/LAD-NRO/GN/2020/10; XXX. on March 30, 2021 by the Securities and Exchange Board of India (Merchant Banker) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/13; xxxi. on May 5, 2021 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) (Regulations) 2021 vide Notification No. SEBI/LAD- NRO/GN/2021/23; xxxii. on August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/30; xxxiii. on January 17, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide Notification No. SEBI/LAD- NRO/GN/2023/115; xxxiv. on July 3, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide Notification No. SEBI/LAD- NRO/GN/2023/137; XXXV. on August 18, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide Notification No. SEBI/LAD- NRO/GN/2023/146. xxxvi. on November 29, 2024 by the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2024 vide Notification No. SEBI/LAD-NRO/GN/2024/214. xxxvii. on February 10, 2025 by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 vide Notification No. SEBI/LAD-NRO/GN/2025/228. 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