The Securities and Exchange Board of India (SEBI) has granted approval to six new initial public offerings worth a combined ₹1,400 crore, marking a significant addition to the Indian capital markets pipeline. The approved companies span diverse sectors including logistics, construction, manufacturing, and fitness equipment, indicating broad-based market interest across industries.

Major IPO Approvals Lead Market Activity

The largest offering among the approved IPOs comes from Chartered Speed Ltd., which filed its Draft Red Herring Prospectus on September 5 for a ₹855 crore book-building issue. The public offer comprises fresh equity shares worth ₹665 crore and an offer-for-sale component of up to ₹200 crore by promoter selling shareholders Pankaj Gandhi and Alka Pankaj Gandhi.

RKCPL Ltd., a civil construction and infrastructure development company, represents another major offering with its ₹1,250 crore IPO application submitted on September 25. The issue structure includes ₹700 crore in fresh equity shares and ₹550 crore through offer-for-sale by Joint Managing Directors Naresh Kumar and Krishan Kumar Goyal.

Diverse Sector Representation in Approved Issues

The remaining four approved IPOs showcase varied business models and market segments. Glass Wall Systems (India) Ltd. filed its DRHP on September 9 for a book-build issue consisting of ₹60 crore fresh issue and an offer-for-sale of up to 4.02 crore equity shares with ₹2 face value per share.

Shriram Food Industry Ltd. submitted its DRHP on September 23 for a book-build issue of 2.64 crore equity shares, comprising 2.12 crore fresh shares and 0.52 crore through offer-for-sale. Tempsens Instruments India Ltd. filed on October 9 with a mixed structure of ₹118 crore fresh issue and 1.79 crore equity shares via offer-for-sale.

Pre-Filing Approvals Set Stage for Future Offerings

Beyond the six approved IPOs, SEBI has cleared pre-filings for two additional companies. Indira IVF Hospital Ltd. has revived its IPO plans with an ambitious target to raise up to ₹3,500 crore, according to market reports. Rays Of Belief Ltd., the parent company of Mom's-belief, has also received pre-filing approval for what is expected to be a book-build issue.

These pre-filing approvals require the companies to submit public Draft Red Herring Prospectus documents for final regulatory sanctions before proceeding to market. All approved equity shares are proposed for listing on both the National Stock Exchange of India Ltd. and BSE Ltd., providing investors with dual-platform access.

Market Debut Timeline Takes Shape

The regulatory approvals position these companies for potential market debuts in the coming months, subject to market conditions and final pricing decisions. The diverse sector representation—from fitness equipment manufacturing at Jerai Fitness to infrastructure development at RKCPL—reflects the broad-based nature of current IPO activity in Indian capital markets.

With MUFG Intime India Private Ltd. serving as registrar for multiple issues and established investment banks managing the offerings, the approved IPOs demonstrate institutional confidence in the current market environment for new public listings.

The Securities and Exchange Board of India (SEBI) has announced detailed phased timelines for merchant bankers to comply with enhanced Merchant Bankers Regulations, including higher capital adequacy, liquid net worth requirements, underwriting limits and strengthened governance norms. The revised framework becomes effective January 3, 2026, raising entry barriers and tightening ongoing compliance for both new and existing merchant bankers. The regulatory tightening comes against the backdrop of a record primary market, with India emerging as the world's second-largest equity issuance hub, raising over $21.00 billion through IPOs and other public issues.

Implementation Timeline and Capital Requirements

Under the new regime, applicants seeking registration from January 3, 2026 must meet enhanced net worth and liquid net worth requirements upfront. Existing merchant bankers will receive a phased transition period extending till January 2028. The framework represents amendments to the SEBI (Merchant Bankers) Regulations, 1992, with staggered compliance timelines for existing entities.

Liquid Net Worth Standards and Asset Definition

SEBI has clearly defined "liquid net worth" as unencumbered cash or near-cash assets that must be maintained at all times. This includes cash, bank deposits, government securities, select mutual fund units and listed Nifty 500 shares, subject to prescribed haircuts. The liquid net worth thresholds represent 25% of the corresponding net worth requirements. Firms failing to meet Category I thresholds will be automatically reclassified as Category II.

Underwriting Limits and Compliance Requirements

SEBI has capped underwriting exposure, mandating that total underwriting obligations cannot exceed 20 times a merchant banker's liquid net worth. Existing entities have until January 2, 2028 to align with this requirement, providing a two-year transition window. Regular half-yearly certification by chartered accountants will be required to demonstrate ongoing compliance with capital, liquidity and underwriting limits.

Enhanced Governance Framework

Governance and personnel norms have been significantly tightened. Merchant bankers must appoint an independent compliance officer, separate from the principal officer and key operational staff, by April 3, 2026. Principal officers must have at least five years of financial market experience, with existing firms given one year to comply. Professional certification has been made mandatory, requiring relevant employees and compliance officers to clear specified NISM examinations within stipulated timelines.

Revenue Requirements and Operational Restrictions

Merchant bankers will now be required to generate minimum revenue from permitted activities - ₹25.00 crore for Category I and ₹5.00 crore for Category II on a cumulative three-year basis, failing which registration may be cancelled. The first assessment will be conducted from April 2029. The circular also bars outsourcing of core merchant banking activities beyond a short transition period, tightens disclosure norms, and mandates that merchant bankers cannot lead manage any public issue where their directors or key personnel hold more than 0.10% of paid-up share capital or shares worth more than ₹10.00 lakh. The phased approach seeks to balance stability with continuity while setting higher standards for financial strength and governance in an increasingly vibrant IPO ecosystem.