17(1) Subject toDirective 32 a merchant bank whose business includes the business of dealing in Government securities whether as a Primary, Registered or Secondary dealer; shall observe and complywith Directives 23 to 32.
(2) Directives23 to 32 are in addition to and not in derogation of any other written law, Notices to merchant banks, and other Directives to merchant banks to which a merchant bank is subject
(3) Subject to Directive 32 a merchant bank shall not carry on a business of, or include as part of its business, dealing in Government securities whetheras a Primary, Registered or Secondary dealer or hold itself out as carrying on such abusiness unless prior approval has been granted to that merchant bank to be a Primary,Registered or Secondary dealer, as the case may be.
| 
