Debenture Trustees

Trustees who are appointed to safeguard the

Interests of debenture holders are called
‘Debenture Trustees’.
They are to be appointed before issue of
debentures by a company. No person can act
as debenture trustee unless a certificate of
registration has been obtained from SEBI for
the purpose.
ELIGIBILITY :
A schedule bank carrying on commercial
activity; or
A public financial institution within the meaning
of Section-A of the Companies Act’ 1956; or
An insurance company; or
 Portfolio Managers
Portfolio managers are defined as persons who,
in the pursuance of a contract with clients,
advise/direct/undertake, the
management/administration of portfolio of
Securities/funds of clients on behalf of latter.
The term portfolio means the total holdings of
securities belonging to any person.
Portfolio management can be:
Discretionary : The first type of portfolio
management permits the exercise of discretion
with regard to investment/management of the
portfolio of the securities/funds.
Non-discretionary : a non-discretionary portfolio
manager manages funds in accordance to
directions of clients.
 Brokers
Brokers are mainly concerned about obtaining
the subscription to the issue from
prospective investors.
The appointment of brokers is not
compulsory.
Member of established stock exchange are
appointed as broker to Issue.
Companies are permitted to appoint any
number of brokers.
The official brokers together with managers
to the issue coordinate the preliminary
distribution of securities and acquire direct
subscription from many investors.
 Advertising Consultants

“Advertising agency” means any person engaged in

providing any service connected with making,
preparation, display or exhibition of advertisement and
includes an advertising consultant.
Merchant bankers arrange a meeting with company
representatives and advertising agents to finalize
arrangements relating to date of opening and closing of
issue, registration of prospectus, launching publicity
campaign and fixing date of board meeting to approve
and sign prospectus and pass the necessary resolutions.
Publicity campaign covers the preparation of all publicity
material and brochures, prospectus, announcement,
advertisement in press, radio, TV, investors conferences
etc.
 Printers
In consultation with the merchant/lead
managers to the issue appointment or
selection of printers to print the prospectus,
application forms, and other issue material
are finalized. Since the magnitude of the
printing job will be massive, care should be
taken that the printer concerned has
adequate facilities to deliver the printed
material in time and the capacity to execute
the order for printing a large quantity of
materials within a short time.