CONCEPT OF MERCHANT BANKING
The concept of Merchant Banking is a concept that evolved from the functions
performed by a Merchant Banker. There is no authoritative or statutory definition
of Tenn 'Merchant Banking. The concept evolved from those days in 17th
or 18th century, when merchants in London were acting as bankers for meeting
their clients' short Tenn financial needs while accepting bills of exchange. The
difficulty in defining the Tenn merchant banking arises from the fact that the
functions performed by merchant bankers have been changing from time to time.