The amendment include redefining the “principal officer” role, revising application and registration procedures, introducing minimum net worth and liquid net worth requirements for Category I and II merchant bankers, and mandating minimum revenue generation. It prohibits merchant bankers from managing their own issues or issues where key personnel hold significant shares. It also emphasizes ring-fencing net worth, preservation of accounts for eight years, data localization, and compliance officer responsibilities, including reporting non- compliance to SEBI.