બ્રોકરના ધોરણો, આઇપીઓ હરાજી, એનાલિસ્ટના નિયમો: SEBI ચીફ આગામી સુધારા એજન્ડાની રૂપરેખા આપે છે

The Securities and Exchange Board of India (SEBI) is reviewing stockbroker net-worth requirements, IPO price discovery mechanisms, research analyst compliance rules and mutual fund borrowing norms as part of its next phase of market reforms, Chairman Tuhin Kanta Pandey said at the ICICI Securities Investor Conference.

Pandey said the regulator is pursuing a series of initiatives aimed at improving market efficiency, deepening capital markets and reducing operational friction for market intermediaries while maintaining investor protection and market integrity.

ભારતીય બજારોમાં રોકાણ કરો અને 5paisa સાથે ભવિષ્યની ક્ષમતાને અનલૉક કરો!

હમણાં એકાઉન્ટ ખોલો

Review Of Stockbroker Capital Requirements

SEBI is examining the framework for variable net-worth requirements applicable to stockbrokers. According to Pandey, the review is intended to ensure that capital requirements are aligned more closely with the operational scale and risk profile of brokers.

The regulator has also reviewed stockbroker regulations to simplify compliance and bring rules in line with evolving market practices. Proposed measures include the introduction of a common reporting platform to reduce duplication across stock exchanges, a rationalised penalty framework and a calibrated approach towards handling technical glitches.

Focus On IPO Price Discovery

SEBI is evaluating improvements to the pre-open call auction mechanism used for initial public offerings (IPOs) and relisted securities.

Pandey said the objective is to strengthen price discovery and facilitate more stable and efficient market openings. The regulator is assessing ways to improve the auction process so that opening prices better reflect market demand and supply conditions.

Easing Compliance For Research Analysts

The market regulator is also working on reducing compliance burdens for research analysts.

Pandey said SEBI is considering the rationalisation of certain obligations, including requirements related to call recording during institutional interactions. The proposed changes are aimed at making compliance processes more practical while maintaining regulatory oversight.

Mutual Funds, Corporate Bonds And FPIs

SEBI is proposing a more practical framework that would allow mutual funds to use intraday borrowing not only for contingency purposes but also for managing temporary liquidity mismatches.

In the corporate bond market, Pandey said a working group is finalising operational details for a market-making framework designed to improve liquidity. He added that SEBI and the Reserve Bank of India are jointly working on introducing derivatives linked to corporate bond indices.

The regulator is also collaborating with custodian banks and the RBI to reduce registration and onboarding timelines for foreign portfolio investors (FPIs).

Additional measures include allowing founders undertaking reverse-flipping transactions to retain employee stock options granted before IPO filings. SEBI has also expanded anchor investor norms to permit participation by large FPIs operating multiple funds.

Capital Markets Continue To Expand

Highlighting the growth of India's capital markets, Pandey said equity issuances reached ₹4.5 trillion in FY26. IPOs raised around ₹1.9 trillion through 366 issues during the year.

Corporate bond issuances exceeded ₹9 trillion, while India's market capitalisation increased from 69% of GDP a decade ago to about 128% currently.

Mutual fund assets have grown from ₹12 trillion to more than ₹80 trillion, and the number of investors in the securities market has reached around 145 million, expanding at over 20% annually.

Pandey said SEBI's regulatory approach remains focused on achieving "optimum regulation" that protects investors, preserves market integrity and supports market growth while keeping access and compliance processes efficient.