{"id":19066,"date":"2026-10-15T00:02:17","date_gmt":"2026-10-15T06:32:17","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=19066"},"modified":"2026-10-15T00:02:18","modified_gmt":"2026-10-15T06:32:18","slug":"sebi-proposes-sme-ipo-rules","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/","title":{"rendered":"SEBI Proposes SME IPO Rules With \u20b93 Cr Profit Threshold and \u20b91 Lakh Application Size"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#What_Changes_in_SME_IPO_Eligibility\" >What Changes in SME IPO Eligibility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#How_Market_Capitalisation_Replaces_Paid-Up_Capital_as_the_Threshold\" >How Market Capitalisation Replaces Paid-Up Capital as the Threshold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#What_Changes_for_Investors_Application_Size_and_Allotment\" >What Changes for Investors: Application Size and Allotment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#How_OFS_Norms_Could_Change\" >How OFS Norms Could Change<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#Lock-In_Structure_Under_the_Proposed_Rules\" >Lock-In Structure Under the Proposed Rules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#Underwriting_and_Migration_Rules_May_Move_Closer_to_Mainboard_Norms\" >Underwriting and Migration Rules May Move Closer to Mainboard Norms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">SEBI Proposes SME IPO Rules With 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.masthead{padding:32px 24px 28px;}\n    .body{padding:28px 24px 34px;}\n    h2{margin-top:36px;}\n    footer .fn{text-align:left;}\n  }\n\n.entry-title,\n.post-title,\n.single-post h1,\nh1.entry-title{color:#000!important;}\n<\/style>\n\n<div class=\"body\">\n  <p>SEBI released a consultation paper on October 14, 2026, proposing changes to SME IPO rules across eligibility, offer-for-sale norms, lock-ins, underwriting, market making, and migration to the mainboard. The regulator has invited public comments on the proposals until November 4, 2026.<\/p>\n  <p>The SME platform has grown sharply since inception. SEBI said 1,496 entities had listed on the platform, including companies that later migrated, with 365 of them having moved to the mainboard. SME platform entities had raised \u20b940,222 crore, with combined market capitalisation at \u20b94,70,984 crore.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Changes_in_SME_IPO_Eligibility\"><\/span>What Changes in SME IPO Eligibility?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The biggest proposed change is the profit test. SEBI has proposed replacing the current requirement of at least \u20b91 crore operating profit in two of the preceding three financial years with average annual operating profit of at least \u20b93 crore over the preceding three years, based on restated consolidated financial statements.<\/p>\n  <p>Issuers that fail the profitability test could still access the SME platform through an alternative route, subject to two conditions:<\/p>\n  <ul class=\"doc\">\n    <li><strong>Book-building process:<\/strong> the issue must use the book-building process<\/li>\n    <li><strong>QIB allocation:<\/strong> at least 75% of the net offer must be allotted to qualified institutional buyers such as mutual funds, insurers, and banks. If the required allocation is not achieved, the issuer must refund the entire subscription amount<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Market_Capitalisation_Replaces_Paid-Up_Capital_as_the_Threshold\"><\/span>How Market Capitalisation Replaces Paid-Up Capital as the Threshold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>SEBI has proposed replacing paid-up capital-based eligibility with post-issue market capitalisation thresholds:<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Proposed Market Capitalisation<\/th>\n          <th>Proposed Route<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Up to \u20b91,000 crore<\/td><td>Access only the SME platform<\/td><\/tr>\n        <tr><td>Above \u20b91,000 crore and up to \u20b94,000 crore<\/td><td>May opt for the SME platform, subject to Ind AS-compliant restated consolidated financial statements<\/td><\/tr>\n        <tr><td>\u20b94,000 crore or more at offer-document stage<\/td><td>Must refile under the mainboard framework<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Changes_for_Investors_Application_Size_and_Allotment\"><\/span>What Changes for Investors: Application Size and Allotment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>SEBI also proposed that retail allotment be delinked from multiples of the minimum lot, subject to availability.<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Area<\/th>\n          <th>Current Rule<\/th>\n          <th>SEBI&#8217;s Proposal<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Minimum application value<\/td><td>Above \u20b92 lakh<\/td><td><span class=\"num\">\u20b91 lakh<\/span><\/td><\/tr>\n        <tr><td>Lot structure<\/td><td>Not specified<\/td><td>At least four lots of minimum \u20b925,000 each<\/td><\/tr>\n        <tr><td>Minimum allottees<\/td><td>200<\/td><td><span class=\"num\">500<\/span><\/td><\/tr>\n        <tr><td>General corporate purposes cap<\/td><td>15% of amount raised with \u20b910 crore ceiling<\/td><td>15% limit retained, \u20b910 crore ceiling removed<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_OFS_Norms_Could_Change\"><\/span>How OFS Norms Could Change<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>SEBI proposed a dedicated framework for offer for sale, where shares offered must carry a one-year holding period subject to specified exemptions. QIB selling shareholders would be exempt from two existing OFS limits: the cap restricting OFS to 20% of issue size and the limit restricting shares sold to 50% of the seller\u2019s pre-issue holding. These exemptions would not apply to IPOs using the alternative QIB-based eligibility route.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Lock-In_Structure_Under_the_Proposed_Rules\"><\/span>Lock-In Structure Under the Proposed Rules<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul class=\"doc\">\n    <li><strong>Minimum promoters\u2019 contribution:<\/strong> the 3-year lock-in would run from the IPO allotment date, removing the current link with commencement of commercial production<\/li>\n    <li><strong>Promoter holdings above the minimum contribution:<\/strong> one-year lock-in<\/li>\n    <li><strong>Non-promoter pre-issue capital:<\/strong> reduced from one year to six months<\/li>\n    <li><strong>Specified promoter-group holdings:<\/strong> separate one-year lock-in<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Underwriting_and_Migration_Rules_May_Move_Closer_to_Mainboard_Norms\"><\/span>Underwriting and Migration Rules May Move Closer to Mainboard Norms<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>SEBI proposed removing compulsory market making and the associated inventory requirements for SME-listed shares. The secondary-market trading lot would be reduced to one share, allowing smaller-quantity trades.<\/p>\n  <p>On underwriting, the proposal removes the 100% underwriting requirement and the rule that lead managers must underwrite 15% themselves. The mainboard framework would apply instead, requiring full underwriting of any unsubscribed portion.<\/p>\n\n \n\n  <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"outlook\">\n    <p>SEBI\u2019s move marks a broad reset of the SME IPO framework, with tighter profitability filters, a lower investor entry size, revised OFS and lock-in structures, and a clearer boundary between the SME platform and mainboard. Public comments are open until November 4, 2026, before the regulator finalises any changes.<\/p>\n  <\/div>\n\n  <div class=\"disclaimer\">\n    <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets, including mutual funds, are subject to market risks. Read all the related documents carefully before investing.\n  <\/div>\n\n  <div class=\"source\">\n    Source: CNBC TV18\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEBI released a consultation paper on October 14, 2026, proposing changes to SME IPO rules across eligibility, offer-for-sale norms, lock-ins, underwriting, market making, and migration to the mainboard. The regulator has invited public comments on the proposals until November 4, 2026. The SME platform has grown sharply since inception. SEBI said 1,496 entities had listed &hellip; <a href=\"https:\/\/shoonya.com\/blog\/sebi-proposes-sme-ipo-rules\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SEBI Proposes SME IPO Rules With \u20b93 Cr Profit Threshold and \u20b91 Lakh Application Size&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":19067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10786,1484,6130],"class_list":["post-19066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-sebi-proposes-sme-ipo-rules","tag-sme-ipo","tag-sme-ipo-rules"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEBI Proposes \u20b93 Crore Profit 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