AJ

Trader & investor..Engineer, IT professional , pls Do not take/act on advice-pls do your due diligence

[AJ @Arpit296]

@MitEngineers BlackOpel (pls cover)

[Rajesh Singla @VTGCapital]

*SEBI proposes a major overhaul of the SME IPO framework*
Consultation paper dated 14 October 2026. Comments open till 4 November 2026.

*1. Eligibility moves from paid-up capital to market cap*
• Post-issue market cap up to ₹1,000 cr: SME platform only
• ₹1,000 cr to ₹4,000 cr: SME optional, Ind AS financials mandatory
• Above ₹4,000 cr: Mainboard only

*2. Profitability threshold raised*
• Average operating profit of ₹3 cr over three years (restated, consolidated), up from ₹1 cr in two of three years
• New QIB route for issuers below the threshold: book-built, minimum 75% QIB allotment, full refund if not achieved

*3. Cost of listing comes down*
• 100% underwriting and the lead manager's 15% own-account obligation removed
• Compulsory market making abolished for all SME-listed companies
• ₹10 cr absolute cap on general corporate purposes removed; 15% limit stays

*4. Retail access widens*
• Minimum application cut to ₹1 lakh (4 lots of ₹25,000)
• Trading lot reduced to one share
• Minimum allottees raised from 200 to 500
• Anchor investors formally permitted, up to 60% of the QIB portion

*5. Lock-in and OFS rationalised*
• Non-promoter pre-issue capital: 6 months, down from 1 year
• Promoter holding above minimum contribution: flat 1 year
• Dedicated OFS regulation with 1-year holding period; 20% and 50% caps lifted for QIB sellers

*6. Migration linked to market cap*
• Optional at ₹1,000 cr to ₹4,000 cr with board approval alone
• Mandatory above ₹4,000 cr
• Reverse migration from Mainboard to SME removed

*What it means*
A much larger set of companies becomes SME-eligible, issue costs fall, and institutional participation becomes central to how SME IPOs are marketed and migrated.

Full paper: https://t.co/bGiASupqIX

[AJ @Arpit296]

Instead of merely managing uncertainty, let us use this moment to build an economy that creates prosperity for generations of Canadians.

Sincerely,

A Canadian who wants to see Canada reach its full economic potential

[AJ @Arpit296]

@Canada @MarkJCarney @CanadianPM

Dear Prime Minister Mark Carney,

The growing uncertainty in Canada’s relationship with the United States presents a challenge, but it also creates a historic opportunity. Rather than simply reacting to President Trump’s policies,

[AJ @Arpit296]

Trade uncertainty can create hesitation, but decisive policies can also create opportunities. Canada’s response should be to make the country more productive, innovative, investment-friendly, and economically resilient.