Which among the followings has the authority to govern Merchant banking in India?

Merchant banking involves a wide set of banking activities such as trading in securities, underwriting security issuances (e.g. an IPO), undertaking valuation of businesses etc. Merchant banking can also be pursued by entities other than banks. A merchant banking company would need to fulfill the following criteria: ·         It should be registered with SEBI under section 12 of the SEBI Act 1992 ·         It should conduct the business of merchant banking in accordance with rules or regulations framed by SEBI ·         It should acquire securities only as part of its merchant banking activities ·         It should not be engaged in any other financial activities as mentioned in section 45I(c) of the RBI Act 1934 ·         It should not accept or hold public deposits