Who is the arranger or lead manager?

An arranger and a lead manager are two different intermediaries appointed by the issuing company to play different roles in the issuance of NCDs.

An arranger is a SEBI registered Broker, Merchant Banker, or an RBI registered Primary Dealer, who is appointed in case of private placement of NCDs to place bids on the Electronic Book Provider (EBP) platform on behalf of the eligible investors.

A Lead Manager is a merchant banker registered with SEBI who is appointed by the issuing company to assist the issuer in the smooth execution of the end-to-end NCD issuance process. The lead manager helps the issuer in appointing other intermediaries.

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