Section 83 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
83. Appointment of merchant banker.
(1)A qualified institutions placement shall be managed by merchant banker(s) registered with the Board who shall exercise due diligence.(2)The merchant banker shall, while seeking in-principle approval for listing of the eligible securities issued under qualified institutions placement, furnish to each stock exchange on which the same class of equity shares of the issuer are listed, a due diligence certificate stating that the eligible securities are being issued under qualified institutions placement and that the issuer complies with requirements of this Chapter.
