8.3 Legal Provisions of Underwriters in Public Offerings

The underwriter = the issuance's risk-bearer (the unsold portion's purchase commitment — the firm underwriting) or the best-efforts agent (the sale's attempt without the purchase). The regime's faces: the underwriting agreement's structure (the commitment's size-and-price, the fee, the termination's triggers), the merchant banker's underwriting role (the issue-manager's bundling — Unit 2.3), the underwriter's due diligence's liability (the false prospectus's exposure — the professional's skin, Unit 4.5's family), the capital-and-conduct requirements (the licensed intermediary's discipline), and the Nepali practice's note: the underwriting's shallowness (the issues' oversubscription culture — the bull-market era's underwriter-as-formality; the honest critique the exam wants).