Overview

• For companies above ₹5 lakh crore in market value, the minimum public offer is set at ₹15,000 crore and at least 1% of post-issue market cap, subject to a floor of 2.5% dilution.
• New market-cap bands extend deadlines to meet 25% minimum public shareholding, including five years for ₹50,000 crore–₹1 lakh crore firms and up to ten years when listing below 15% public float.
• The anchor-investor framework is expanded, raising the reserved anchor portion to 40% from one-third and adding domestic insurers and pension funds to the reserved category.
• SEBI launches SWAGAT-FI, a single-window, fast-track route for low-risk foreign investors such as sovereign wealth funds, central banks and pension funds.
• Complementary measures classify REITs and InvITs as equity and allow promoters to retain ESOPs granted more than a year before filing, with additional proposals on AIFs, rating agencies and derivatives to move through consultation.