The Securities and Exchange Board of India (SEBI) on October 31, 2025, notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2025, to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The following has been stated: -
•In Schedule XIII, Part A, paragraph (10), sub-paragraph (c), clause (I), sub-clauses (i) to (iii) have been revised to allow 2 to 15 investors for allocations up to ₹250 crore, with a minimum allotment of ₹5 crore each, and for allocations exceeding ₹250 crore, 5 to 15 investors per ₹250 crore (or part) are permitted with the same minimum allotment.
•Sub-paragraph (d) has been substituted to reserve 40% of the anchor investor portion, within the limits of sub-paragraph (b), for specific categories: 33.33% for domestic mutual funds and 6.67% for life insurance companies and pension funds.
•Any shortfall in the latter category can be reallocated to mutual funds. Definitions of “life insurance company” and “pension fund” are clarified under IRDAI and PFRDA regulations, respectively.
They shall come into force on the 30th day from November 01 2025.
The detailed notification is given in the document below.
[Notification No. : F. No. SEBI/LAD-NRO/GN/2025/271]
