Overview

• On the agenda are tiered IPO norms that would let companies valued at Rs 50,000 crore to Rs 1 lakh crore list with an MPO of Rs 1,000 crore and at least 8% of post-issue capital, with up to five years to reach 25% public shareholding.
• For even larger issuers under discussion, firms worth Rs 1–5 lakh crore could face an MPO of Rs 6,250 crore and about 2.75% dilution with extended MPS timelines, while those above Rs 5 lakh crore may have a Rs 15,000 crore minimum issue, at least 1% post-issue capital and a 2.5% stake sale.
• SEBI is considering SWAGAT-FI, a single-window, fast-track route to simplify registration for low-risk foreign investors such as sovereign funds, central banks and pension funds.
• Proposals also include a dedicated IPO anchor-book quota for domestic insurers and pension funds, potential easing for accredited investors in select AIFs, broader scope for rating agencies, and equity status for REITs and InvITs.
• Separately, SEBI has already notified a rule letting promoters identified in draft IPO filings retain or exercise ESOPs granted at least a year before filing, and it may soon seek feedback on phasing out weekly F&O expiries in favor of monthly contracts.