Section 6A in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
6A. [ Appointment of Merchant Banker and other intermediaries. [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).]
(1)The issuer shall appoint one or more merchant bankers, which are registered with the Board, as lead manager(s) to the issue.(2)Where the issue is managed by more than one lead manager, the rights, obligations and responsibilities, relating to disclosures, allotment, refund and underwriting obligations among other things, if any, of each lead manager shall be predetermined and be disclosed in the draft offer document and the offer document.(3)The issuer shall, in consultation with the lead manager(s), appoint other registered intermediaries after the lead manager(s) have independently assessed their capability to carry out their obligations.(4)Where there is only one lead manager he shall not be an associate (as defined under the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992) of the issuer.(5)In case there are multiple lead managers, at least one lead manager to the issue shall not be an associate (as defined under the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992) of the issuer(6)If the lead manager is an associate of the issuer, it shall disclose itself as an associate of the issuer and its role shall be limited to marketing of the issue.]
