Disclaimer for non-SEBI activities
Regulation 13A(1) of the Securities and Exchange board of India (Merchant Bankers) (Amendment) Regulations, 2025 sets out the activities that a merchant banker may undertake in the securities market that are regulated by the Securities and Exchange Board of India (“SEBI”) (“Permitted Activities”). Further, Regulation 13A(2) also permits other activities, including those regulated by SEBI or other regulators, and certain fee-based, non-fund based financial services activities as applicable (including, where relevant, on an arm’s-length basis through separate business units).
Further, pursuant to SEBI Circular dated 2 January 2026, on “Specification of the consequential requirements with respect to amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992” following disclosures are being made:
The Hongkong and Shanghai Banking Corporation Ltd., a Category I SEBI-registered Merchant Banker (SEBI Registration No. INM000010742), also undertakes the following activities that are not regulated by SEBI and are performed under the applicable guidelines and directions of the Reserve Bank of India (“RBI”):
- Private placements in relation to unlisted securities and any activities incidental thereto
- Underwriting activities with respect to unlisted securities
- Any other activity as permitted by Reserve Bank of India (“RBI”) from time to time
Investor protection clarification
Investors, clients, beneficiaries, stakeholders and other third parties are expressly notified that for activities that are not regulated by SEBI, SEBI’s investor protection mechanisms will not be available for any grievances, complaints, or disputes arising from or relating to such activities. Any matters relating to such RBI-regulated activities will be handled in accordance with the applicable RBI framework and other applicable laws.