A Merchant Banker is a financial institution or individual registered with the SEBI, primarily engaged in providing financial advisory and fundraising services for corporate clients. Merchant bankers play a crucial role in capital market transactions such as Initial Public Offerings (IPOs), Follow-on Public Offerings (FPOs), private placements, mergers and acquisitions, corporate restructuring, and debt syndication. They manage the end-to-end process of public issues, including due diligence, drafting offer documents, liaising with regulatory authorities, and marketing the issue to investors. Unlike commercial banks, merchant bankers do not accept deposits or provide traditional lending services. Instead, they act as intermediaries, project appraisers, and underwriters, offering strategic advice to companies looking to grow, restructure, or raise capital. In India, merchant banking gained momentum in the 1990s with economic liberalization and the growing need for sophisticated capital-raising solutions. Today, both domestic and international players offer merchant banking services, and the sector is regulated by SEBI under the SEBI (Merchant Bankers) Regulations, 1992.