The Securities and Exchange Board of India (SEBI) has granted final observations to three companies, clearing the path for their initial public offerings (IPOs). Onemi Technology Solutions, Alcobrew Distilleries India, and Kusumgar have received regulatory approval to proceed with their public market debuts.

Onemi Technology Solutions: Digital Lending Platform

Onemi Technology Solutions, headquartered in Mumbai, operates as a technology-driven digital lending platform in India. The company provides digital loans through its mobile application, catering to various personal and business financial requirements with quick, accessible, and tailored credit solutions.

The company's operational scale demonstrates significant market presence:

Onemi Technology Solutions submitted its IPO documentation to SEBI on August 18, 2025. The IPO structure includes a fresh issue of ₹1,000.00 crore alongside an offer-for-sale of up to 8,879,575 shares from existing investors. The selling shareholders include Ammar Sdn Bhd, Vertex Ventures SEA Fund III Pte. Ltd, Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte. Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

Alcobrew Distilleries India: Premium Liquor Manufacturing

Alcobrew Distilleries India, based in New Delhi, operates as an Indian Made Foreign Liquor (IMFL) production company. The company manufactures across multiple categories including whisky, vodka, gin, rum, and brandy, primarily targeting the prestige and above segments according to Technopak reports.

The company has established a comprehensive geographical presence across multiple states and union territories including Delhi, Punjab, Chandigarh, Uttarakhand, Chhattisgarh, Jharkhand, Leh, Jammu & Kashmir, Uttar Pradesh, Himachal Pradesh, Haryana, Odisha, Telangana, Goa, DDS, Andaman Nicobar, and Tripura. In 2022, Alcobrew established a distillery facility in Gamber Valley, Solan district of Himachal Pradesh, for distillation and bottling operations.

The company filed its IPO papers with SEBI on September 25, 2025. The IPO comprises a fresh issue of up to ₹258.25 crore and an offer-for-sale of up to 18,000,000 shares by promoter Romesh Pandita.

Kusumgar: Engineered Fabrics Specialist

Kusumgar, headquartered in Mumbai, specializes in manufacturing woven, coated, and laminated synthetic fabrics, collectively known as engineered fabrics. The company focuses on providing engineered fabric solutions emphasizing polyamides and polyester filaments, along with polyurethane chemistry, designed to meet high-performance client requirements.

Kusumgar submitted its IPO documentation to SEBI on September 27, 2025. The IPO structure consists entirely of an offer-for-sale of up to ₹650.00 crore from promoters Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF.

Market Outlook

The SEBI approvals for these three diverse companies reflect continued activity in India's IPO market across different sectors. The companies represent distinct business models: digital financial services, premium alcoholic beverages manufacturing, and specialized textile manufacturing, indicating broad-based interest in public market access across various industries.

The Securities and Exchange Board of India (Sebi) has unveiled comprehensive proposals to overhaul trading rules for stock exchanges through a consultation paper released on Friday. The market regulator seeks to merge existing trading norms into a single consolidated circular, marking a significant step toward regulatory simplification and enhanced market efficiency.

Key Regulatory Changes Proposed

The consultation paper outlines substantial operational and regulatory modifications across multiple areas. The most significant proposal involves raising the minimum net-worth requirement for brokers offering the margin trading facility (MTF) from the current threshold to a higher benchmark.

Additional proposals include aligning timelines for submission of net-worth statements and auditor certificates, removing market-making provisions no longer in use, and bringing liquidity enhancement schemes under a single, principle-based framework. These schemes are designed to improve liquidity and price discovery in thinly traded securities by ensuring continuous buy-sell quotes and reducing sharp price swings.

Rationale Behind Regulatory Overhaul

Many existing provisions were created for a different market structure and have become redundant over time. Several rules were overtaken by newer frameworks, while others added compliance costs without significantly improving investor protection. Sebi stated the clean-up aligns with its broader push to improve ease of doing business while preserving market integrity.

The initiative follows Finance Minister Nirmala Sitharaman's emphasis in the FY24 Budget on simplifying compliance through stakeholder consultation. This consultation paper represents the second in a series, following an earlier October paper outlining ease-of-doing-business measures for stock exchange administration.

Enhanced Exchange Authority

Sebi proposes moving routine supervision, monitoring and enforcement closer to exchanges, positioning them as the first line of regulation for market participants. Under the new framework, exchanges would gain several enhanced powers:

• Setting and revising net-worth norms for MTF brokers
• Deciding penalties for market-making violations through member committees
• Handling surveillance alerts from pre-open call auctions without sending end-of-day reports to Sebi
• Examining alerts and levying penalties at their disposal

According to KC Jacob, partner at Economic Laws Practice, "Sebi is increasingly focusing on regulatory policymaking, while delegating surveillance responsibilities to stock exchanges. This division of roles enables quicker detection of anomalies and more efficient resolution of potential violations."

Investor Protection Strengthening

The proposed net-worth increase for MTF brokers ensures only financially sound intermediaries can extend leverage to investors, reducing broker default risks. Raj Shah, co-founder and executive director at EPP Securities, noted that "the move is likely to strengthen market integrity by ensuring that only well-capitalized intermediaries extend leverage, thereby providing additional safeguards for retail investors."

Sebi has reiterated the importance of market making for SME-listed companies, where liquidity remains limited due to smaller free floats and lower trading volumes. Mandatory market making helps ensure continuous price discovery, orderly trading, and safeguards retail investors from excessive volatility or manipulation while enhancing SME platform credibility and fund-raising potential.

Additional Regulatory Unification

The regulator seeks to unify rules across equity cash, equity derivatives and commodity derivatives, particularly for market-making and liquidity-enhancement schemes. One proposal aims to replace multiple reviews and approvals with a single half-yearly board review of such schemes.

Sebi has suggested giving exchanges venturing into new market segments greater flexibility to use incentives for building liquidity. In commodity markets, incentivizing farmers and farmer producer organizations to participate in options on futures could help widen market participation.

Public comments on the consultation paper remain open until January 30, 2026, allowing market participants to provide feedback on the proposed changes.