The history of origin and growth of merchant banking throughout the world, as

discussed, the fact that the role of the merchant banker had never been determined. They had
followed strategy of assuming different roles according to the need of time to maintain their
existence in the business environment. This is one of the reasons that no fixed definition cold
be ascribed to MERCHANT BANKING.
Very commonly, the merchant banking has been defined as to what a merchant
banker does. This is well convinced definition that could be given to any service oriented
industry. The definition given by different authors explaining the meaning of merchant
banking revolved around the role played by merchant banks. There role and scope of such
role have enlarged with the passWE;FFLEQage of time. The survey of the existing literature
in the foregoing pages reveals that merchant banking is a non-banking financial activity
resembling banking originated, grown and sustain in European land, got enriched under
American patronage and now being rendered throughout the world by both banking and nonbanking institution. Some of the definitions are discussed below to locate the practical
meaning of the term merchant banking. Dictionary meaning of merchant banking hints at
merchant banks as an organization that underwrites securities that underwrites securities for
corporations.
Dictionary meaning of merchant banking hints at merchant banks as an
organization that underwriters securities ;za;LZ; operation advises such clients on mergers
and is involved in the ownership of commercial venture. These organizations are sometimes
banks which are not merchants and sometimes merchants who are not banks and sometimes
houses which are neither merchants nor banks. These definition reflects the historical
formation of the merchant banking profession as such, in which the merchants had assume
banking role and subsequently banks assume the merchant roles. Paul ferries rightly states
this phenomenon; the original label of merchants and bankers was replaced by merchant
bankers. There name lent creditability involving the other people money.

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