- The Short — today’s definitive policy landscape
- SEBI circulars to act on
- Consultations & board cues
- Primary market watchlist for tomorrow
- How to verify (fast links to look up)
The Short
- IPO approvals: SEBI is working to compress approvals to ~3 months—pipeline timing improves into Q4 FY25.
- FPI ease (G-Secs only): Streamlined compliances under FAR reduce operational drag for GS-only FPIs.
- Investor protection/ops: TLH reporting code operational for nominee→legal-heir transmissions.
- Market plumbing: Algo/proprietary trading oversight set to be codified into broker regulations (consultation stage).
SEBI circulars — what to do now
| Date | Topic | Who’s impacted | Immediate action |
|---|---|---|---|
| Sep 19, 2025 | “TLH” code — smooth transmission from nominee to legal heir | Brokers, RTAs, custodians | Update back-office/reporting; educate clients for inheritance cases |
| Sep 10, 2025 | Ease of regulatory compliances for FPIs investing only in G-Secs | GS-only FPIs, custodians, DDPs | Adopt streamlined checks; maintain FAR documentation |
| FY25 filings | Industry standards on KPIs in offer docs | Issuers, BRLMs, auditors | Embed KPI pack (cohorts, take-rate, payback) with audit tie-outs |
Consultations & board cues
Faster IPO approval clock
Targeting ~3 months, aided by AI review and bundled queries; could sustain record fund-raise run-rate.
Anchor investors & retail mix
Ongoing debate on anchor lock-ins and allocation tweaks aims to bolster post-listing stability.
Algo/pro-trading codification
Draft proposes folding algo oversight into core broker rules; public comments wrapped earlier this month.
Primary market: what rolls into tomorrow
- Issuers in prep should freeze KPI definitions and run a mock observation pass internally to cut cycles.
- FPIs (GS-only) can rely on eased compliance; others should review BO look-through readiness and thresholds.
- Brokers/RTAs to confirm TLH support in transmission workflows and client communications.
How to verify (fast)
- SEBI Circulars index — latest legal circulars (TLH; FPI ease; AIF/Angel fund updates).
- SEBI Board meeting notes (Sep 12, 2025) — approvals across ICDR/LODR/others.
- Consultation notes/news — faster IPO approval target; anchor/retail mix; algo oversight proposal.