Overview

• For very large issuers, SEBI approved lower minimum public offer thresholds with longer timelines to reach 25% public shareholding, with changes to be recommended to the government for statutory approval.
• The SWAGAT-FI framework will give low‑risk foreign investors unified, simplified access across routes, with a six‑month implementation target.
• Anchor investor allocation rises to 40% of the institutional bucket with dedicated space for life insurers and pension funds, while the retail quota remains at 35%.
• REITs are reclassified as equity instruments for investment purposes and the maximum mutual fund exit load is cut to 3%.
• Market infrastructure institutions must appoint two executive directors to strengthen oversight, related‑party deal thresholds shift to a turnover‑linked model, and AIF rules add AI‑only schemes while lowering the Large Value Fund bar to Rs 25 crore.