2.3 Merchant Bankers

The investment bank's Nepali face (the SEBON-licensed intermediaries under the Securities Act 2063's regime): the issue management (the IPO's-and-FPO's whole choreography — the prospectus's drafting, the SEBON's approval-process, the underwriting's arrangement), the underwriting (the unsold shares' purchase commitment — the issuance's risk-taker), the portfolio-and-advisory services, the credit-rating liaison, and the book-running of the modern era. The dual regulation's note: NRB's umbrella for the bank-affiliated merchant bankers (the BAFIA-and-NRB-Act licensing faces — Banking Law's interface). The exam's line: the merchant banker is the issuance's professional conscience — the disclosure's first draftsman (and the liability's co-traveller for the false prospectus — Unit 4.5).