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If you are a financial entity seeking a challenging career with great advancement opportunities, obtaining a SEBI-approved merchant banker license may be the key to success. A merchant banker license is SEBIโs official approval allowing you to conduct merchant banking activities. The issuance of a merchant banker license serves as a regulatory approval that helps protect investorsโ interests and uphold the highest standards of legal and ethical conduct in the financial market.
Worried about the challenges faced while getting your SEBI merchant banker registration done? Connect with Enterslice to empower professionals and firms to offer capital-raising, merger and acquisition, and project financing services in India. Obtain a SEBI-approved merchant banking license to act as intermediaries between companies and investors, thereby offering expert guidance throughout the financial lifecycle.
Acts as a SEBI-registered merchant banker
Approximately 236 merchant bankers are registered with SEBI
Growing pool of IPO-ready firms across fintech & SaaS
Underwrites and manages public issues & private placements
Advisory for mergers, acquisitions, and corporate restructuring
Enhance trust & credibility in capital markets
Helps companies in raising their capital efficiency
Support project financing & portfolio management services
227 SME IPOs Listed in 2025
Let our experts help you secure SEBI merchant banker registration. Gear up to be a part of Indiaโs booming $4.2 trillion capital market.
The scope of merchant banker license consultancy services extends to the following activities, as discussed below:
The scope of the merchant banker license consultancy services extends to underwriting securities, thereby ensuring successful capital raising for businesses.
Merchant banker license consultancy services include managing public offerings such as initial public offerings (IPOs), follow-on offerings, and private placements.
It includes corporate advisory services, including mergers, acquisitions, takeovers, disinvestments, and other securities-related market restructuring.
The scope of the merchant banker license extends to providing expert advice and consulting on projects linked to capital raising or securities market financing.
It includes syndication of rupee-term loans (for corporate funding) in connection with securities-market activities.
The scope of the merchant banker license includes facilitating debt-market activities and government securities dealings where permitted.
Based on the authorised activities, the merchant bankers in India are classified into four major categories, as discussed below:
The benefits of obtaining a merchant banker license in India are as discussed below:
Obtaining a merchant banker license helps companies to raise capital through underwriting and managing public issues.
Obtaining a merchant banker license ensures professional portfolio management, ultimately helping companies boost returns on their investments.
A SEBI-approved merchant banker license ensures that all operations comply with SEBIโs regulatory framework, promoting transparency and enhanced investor protection.
Becoming a SEBI-approved merchant banker boosts market credibility, thereby making it easier to attract corporate clients, institutional investors, and strategic partners.
Becoming a licensed merchant banker helps entities generate revenue through advisory fees, underwriting commissions, issue management charges, and portfolio management services.
Obtaining a merchant banker license facilitates capital formation, funds corporate expansion, and strengthens financial market efficiency.
Obtaining a merchant banker license helps build relationships with clients, including companies, banks, and government bodies.
Obtaining a merchant banker license provides access to a range of financial opportunities, including corporate finance, investment banking, and advisory services.
Obtaining a merchant banker license from SEBI provides a legal framework for protecting both the intermediary and the investorโs accountability.
The process to apply for merchant banker license in India requires compliance with the following steps, as discussed below:
The first step requires the applicant to file Form A along with all required declarations and supporting information, as prescribed under the SEBI (Merchant Bankers) Regulations, 1992.
The next step requires the applicant to pay the non-refundable application fee in the manner prescribed by the Securities and Exchange Board of India.
Next, the applicants must attach all relevant documents, including the certificate of incorporation, the M&AOA, the net worth certificate, and details of management and key personnel.
In the next step, the Securities and Exchange Board of India examines whether the applicants meet all eligibility criteria, including the minimum net worth requirement, adequate infrastructure, qualified personnel, and fit-and-proper status.
Next, the Securities and Exchange Board of India may request additional information, conduct background checks, or seek clarifications to facilitate the smooth processing of a merchant banker license in India.
Once SEBI is satisfied with compliance and eligibility, it issues the certificate of registration, thereby allowing the operation of a merchant banker license in India.
The timeline for obtaining a merchant banker license from SEBI is usually 3 to 6 months, depending on the completion of the application process. Have a look at the timeline breakdown, as discussed below:
It takes around 1 month to prepare Form A, collect documents, and compile financial details.
It takes around 1 month to conduct a preliminary assessment to verify the completeness of documents, infrastructure and manpower details.
Seeking clarification from SEBI or responding to queries takes around 1 to 2 months.
It takes about 1 to 2 months to complete the final review and obtain the merchant banker license from SEBI.
The list of essential documents required to apply for merchant banking license in India is as follows:
Memorandum and Articles of Association (M&AOA)
Certificate of incorporation of the company
Unique Identification Number of the applicant
Certified true copy of PAN card for the applicant
Financial statements of all the applicants
Detailed report from principal bankers
Details of infrastructural facilities
Details of the financial accounts
Details of directors, promoters, and shareholders
Details of Key Managerial Personnel
Board resolution for the appointment of directors
Declaration signed by at least 2 Directors
Details of associated registered intermediaries
Designated email IDs for investor complaints
Organisationโs internal structure details
Educational qualification details of all the Directors
Any other supporting documents (if required)
Merchant bankers are key players in driving the growth and development of startups in India. They act as key intermediaries that facilitate the growth of the entrepreneurial ecosystem for startups, corporations, and growing enterprises. Generally, the merchant bankers are involved in a variety of tasks, including assessing value, raising funds, promoting activities, and managing projects.
Have a look at the key roles and responsibilities of merchant bankers in India, as discussed below:
Merchant bankers provide expert valuation reports to startups, thereby playing a critical role in fostering investment credibility in India.
Merchant bankers play a primary role in raising funds, thereby helping startups access various capital structures and the private equity system.
Merchant bankers play a vital role by providing crucial support in promoting business ideas, such as feasibility studies and feasibility reports.
Merchant bankers are also involved in project management, thereby focusing on the financial aspects of business operations in India.
The restructured multi-layer capital framework required for obtaining a merchant banker license in India is as discussed below:
Merchant bankers must comply with the SEBI-developed comprehensive code of conduct, which helps maintain their integrity and moral behaviour in India.
The eligibility criteria mandatory for SEBI merchant banker registration in India is as discussed below:
What is the Checklist for SEBI Merchant Banker Registration?
What are the Qualification Conditions for SEBI Merchant Bankers?
The key differences between a merchant banker and an investment banker are as outlined below:
If you are looking to begin your journey as a merchant banker, partnering with Enterslice can help you simplify the SEBI registration process with more compliance. Besides SEBI merchant banker registration, we also help in AIF registration, asset management company registration, SEBI research analyst registration, etc. Here are the key reasons why you should choose Enterslice to apply for merchant banker license in India:
A merchant banker is a financial institution or individual that provides advisory services and raises capital for corporations. It further helps businesses to manage complex financial transactions, such as IPOs, mergers and acquisitions, and corporate restructuring.
A Category I merchant banker is a financial professional registered with the Securities and Exchange Board of India. It also provides a wide range of services, including acting as an issue manager for IPOs, serving as an advisor, consultant, underwriter, and portfolio manager.
Yes, a Chartered Accountant (CA) can become a merchant banker in India. However, the path is not based on the CA qualification alone, but also ensures compliance with category I merchant banker requirements as stated in the regulations.
The Securities and Exchange Board of India is the authority responsible for regulating the merchant banking business under the SEBI (Merchant Bankers) Regulations, 1992. However, the Reserve Bank of India is another regulatory authority responsible for overseeing merchant banking operations in India.
It indicates the highest level of merchant banking. The scope of category I merchant banker includes managing main board equity IPOs, buybacks, open offers, delisting, rights issues and QIPs, corporate restructuring and advisory, debt and hybrid issuances, and lead management of public issues.
It is designed for mid-sized advisory and issue managers. It can perform all the responsibilities of a merchant banker except managing the main board equity IPOs. The scope of category II merchant banker includes rights issues, open offers, delisting, buybacks, SME IPOs, corporate advisory, etc.
The process for obtaining a merchant banker license requires compliance with the steps set out by the Securities and Exchange Board of India. Here are the details of the complete process for obtaining a merchant banker license in India:
A merchant banking certification is a professional qualification, such as NISM Series IX Merchant Banking Certification, that validates an individualโs knowledge of the Indian securities market. However, this certification is required for employees working with SEBI-registered merchant bankers and covers topics such as issue management, mergers and acquisitions, and other relevant regulations.
The fees for a merchant banker in India are structured to include application fees, initial registration fees, and renewal fees, charged in accordance with the SEBI regulations.
Generally, there exist four types of merchant bankers in India. The category I merchant banker includes full-service; category II merchant banker includes limited services; category III merchant banker includes underwriters, advisors, and consultants; and category IV merchant banker includes advisors and consultants only.
Category 2 merchant bankers include mid-sized advisory and issue managers with a minimum net worth of Rs. 10 crores. It further helps perform all merchant banking functions such as debt syndication, portfolio restructuring, and mergers and acquisitions.
There is no single No. 1 merchant banker in India. However, ICICI Securities, Axis Capital, Kotak Mahindra Capital, and SBI Capital Markets are some of the best-ranked merchant bankers in India. Moreover, the ranking can differ depending on the specific metric used, such as the number of IPOs, market share, or deal value.
Merchant bankers offer financial advisory and capital-raising services to corporations and high-net-worth individuals. However, the key financial services include follow-ups on IPOs, underwriting, mergers and acquisitions advice, and corporate restructuring.
A merchant bank can be either a private or a public entity, because they are typically structured as a corporate body and serves a client base that includes both private firms and public companies.
Kotak Mahindra Capital, followed by SBI Capital Markets and Axis Capital, are among the largest merchant bankers in India.
Yes, foreign entities that already have an Indian substitute or associate registered with the Securities and Exchange Board of India can apply for a merchant banker license in India.
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