Merchant banking originated in the 13th century when traders financed wars and trades. Modern merchant banks advise companies on capital structure, pricing, and managing public offerings. They appoint necessary parties, hold press conferences, and ensure proper subscription and allotment. Companies should carefully select merchant banks based on integrity, reputation, infrastructure, and past performance. Regulations require merchant banks to act with high ethics, provide unbiased service, and protect client confidentiality. The document outlines the roles and responsibilities of merchant banks in India according to SEBI regulations.