India’s markets regulator is planning sweeping changes in rules that could bolster tiny-company listings and increase investor participation, according to people familiar with the matter.
The Securities and Exchange Board of India plans to allow companies with a market value of as much as Rs 4,000 crore ($420 million) to use the so-called small and medium-enterprise platforms for initial public offerings, the people said, asking not to be identified as the details are not public. Typically, firms valued less than 5 billion rupees go public on such platforms.
The regulator’s primary market advisory committee met Wednesday to discuss the proposals and SEBI is expected to issue a consultation paper seeking public comments, the people said.
Sebi didn’t respond to an emailed query seeking comment.
The proposed changes would mark the biggest overhaul of India’s SME market since dedicated platforms were introduced in 2012. The plan comes less than two years after the regulator tightened its oversight of the booming micro-IPO market following concerns over pricing manipulation and frauds. India has already seen close to 100 such listings so far this year compared with 267 in all of 2025.
