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No, a lead manager is not mandatory in a rights issue.
Earlier, if a company planned to raise Rs 50 crore or more through a rights issue, it had to appoint a Lead Manager (Merchant Banker) to manage the process. But after SEBI’s 2025 rule change, this requirement has been removed.
Now, a company can handle a rights issue on its own — especially smaller or simpler ones. However, many still choose to appoint a Lead Manager voluntarily to help with paperwork, filings.
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