The current rule requires issuers to appoint at least one merchant banker for private placements of debt securities or non-convertible redeemable preference shares with a face value of Rs 10,000

Extending their losses, the 30-share BSE Sensex declined 539.35 points, or 0.70 per cent, to settle at 76,933.59, while the 50-share NSE Nifty declined 116.90 points, or 0.48 per cent, to end at 24,090.85