The Securities and Exchange Board of India (Sebi) has asked members of its Primary Market Advisory Committee to volunteer for a proposed review of rules governing mainboard share offerings, Mint reported Oct. 19.
In fiscal 2025-26, 109 mainboard initial public offerings (IPOs) raised about ₹1.8 lakh crore, Sebi’s annual report shows. IPOs and further public offerings (FPOs) across the mainboard and small and medium enterprise platforms raised ₹1,88,704 crore, down 0.9% from the previous fiscal year.
Sebi’s longer-run figures distinguish capital going to companies from proceeds going to existing shareholders. For IPOs listed from April 2011 through December 2025, 37% of proceeds, or ₹2.9 lakh crore, provided fresh capital. Shareholders selling existing stock received 63%, or ₹5 lakh crore.
A Sebi spokesperson told Mint that the advisory committee decided at its Aug. 12, 2026, meeting to establish a working group. Members were asked to volunteer by Oct. 13, Mint reported. The newspaper said a message it reviewed indicated that Sebi still needed to approve the group’s formation.
The proposed assignment covers Chapters II, IIA and IV of Sebi’s Issue of Capital and Disclosure Requirements (ICDR) regulations, according to the message. The review concerns provisions for mainboard IPOs and FPOs. Sebi describes the advisory committee as a body that considers primary-market regulation, development and possible legal changes.
Sebi is separately consulting on listing rules for smaller issuers. In an Oct. 14 proposal, it suggested placing issuers valued at no more than ₹1,000 crore after an offering exclusively on the small and medium enterprise platform. Companies valued above ₹1,000 crore and up to ₹4,000 crore could choose that platform if they meet specified financial reporting conditions. Those thresholds have not been adopted.
