Explain the following: Participants in Electronic Book Mechanism.

The participants in the Electronic Book Mechanism (EBM) are: Arranger: If any, appointed by the issuer, merchant bankers, RBI registered primary dealers or any other registered intermediaries, may act as the arranger. An arranger shall be categorised as a Category 1 Participant who may enter bids on Electronic Book Provider (EBP) either on a proprietary basis or for other participants such as High Net Worth Individuals (HNIs), Institutional investors etc. Sub-arranger: Appointed by the arranger, any broker registered with SEBI may act as a sub-arranger. A sub-arranger shall be categorised as a Category 1 Participant who may enter bids on EBP either on a proprietary basis or for other participants such as High Net Worth Individuals (HNIs), Institutional investors etc. Institutional Investors: Institutional investors shall be categorised as Category 2 Participants who may enter bids on a proprietary basis or may participate through an arranger/sub-arranger.