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  • SEBI Updates Block Deal Regulations: Key Changes Investors Must Know

    In an effort to improve the efficiency and transparency of major trade execution, the Securities and Exchange Board of India (SEBI) has released a circular for the implementation of a revamped block deal framework for stock exchanges. In order to prevent price manipulation, the block deal mechanism permits pre-negotiated agreements between parties to be carried out on the exchange during certain windows and under stringent guidelines. With a minimum order quantity of INR 25 crore, the price range will be ±3% of the reference price.

    According to current standards, the minimum order size is INR10 crore, and the pricing range is ±1%. The order size was last adjusted by SEBI in October 2017. Since orders less than INR 25 crore will occur in the regular market, the higher threshold is anticipated to increase liquidity.

    Two Specific Windows of Block Deal

    There are two distinct times that block deals are available: 8:45 AM to 9:00 AM in the morning and 2:05 PM to 2:20 PM in the afternoon. According to the SEBI circular, the closing price of the stock the day before would serve as the reference price for executing block deals during the morning window.

    The volume-weighted average price (VWAP) of trades made in the stock on the cash segment between 1:45 and 2:00 PM will serve as the reference price for the afternoon window.

    Before the afternoon session begins, stock exchanges will compute and distribute the relevant VWAP between 2:00 and 2:05 PM. EffectiveDecember 7, 2025, the Sebi circular will be in force. According to the Sebi circular, the aforementioned clauses will also apply to the block deal window during the optional T+0 settlement cycle.

    The 1st Framework was Introduced in 2005

    As markets have expanded and block deal sizes have increased, regulations pertaining to these transactions have been re-examined. Since its initial release in 2005, the framework has undergone a number of reviews.

    Although one of the exchanges had proposed a ±2% price range, a working committee on the matter had recommended a ±5% price range for the morning block transaction window and a ±3% price range for the afternoon trading window.

    The working group had suggested raising the ceiling, citing the nearly threefold increase in benchmark indices over the previous ten years as justification. It was desirable to raise the restrictions since markets were becoming deeper and larger. 90% of block deals were larger than INR 14 crore, 75% larger than INR 26 crore, 60% larger than INR 50 crore, and 50% larger than INR 84 crore, according to SEBI’s analysis of the data from FY25 block deals at the NSE. Therefore, the order size needed to be reviewed.

    Quick Shots

    •Circular issued to enhance transparency and
    efficiency in major stock trades.

    •Threshold increased from INR 10 crore to INR 25
    crore to boost liquidity and prevent market manipulation.

    •New rules applicable from December 7, 2025,
    including optional T+0 settlement cycle.

    •Block deal framework first introduced in 2005;
    reviewed multiple times as markets grew.

  • Groww Seeks to Raise INR 6,000–7,000 Crore Through Revised IPO Filing

    Groww, an online investing platform, has submitted a revised draft prospectus for an IPO of INR 6,000–7,000 crore to the Securities and Exchange Board of India (SEBI). The transaction would consist of an offer for sale (OFS) of 574 million shares valued at about INR 5,000–6,000 crore and a new issuance of INR 1,060 crore.

    As previously reported by ET, the Bengaluru-based company plans to IPO in November at a valuation of $7-9 billion. Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows Fund are among the investors taking part in the OFS. One million shares will also be sold by the company’s founders, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, who together own 27.96% of the business.

    After submitting confidential draft documents to the market regulator in May, Groww was granted permission by SEBI to proceed with its initial public offering (IPO) last month.

    Groww’s Financial Performance in FY25–FY26

    Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are among the issue’s book running lead managers. The company’s net profit increased 11% from the previous year to INR 1,824 crore in FY25 and INR 378 crore in the June quarter of FY26. FY25 revenue was INR 4,056 crore, a 31% increase from the previous year. Groww intends its recent expansion into commodities, wealth management, margin trading facilities (MTF), and loans secured by shares to fuel its future growth.

    The company’s NSE active clientele increased from 10.92 million to 12.58 million as of June 30. Derivative active users decreased 28% year over year in Q1 FY26 as a result of the regulator’s increased scrutiny of futures and options (F&O) trading, while fees and commission income decreased 17.5%.

    Nonetheless, Groww’s average daily turnover increased 18.2% to INR 9,276 crore during that time, and its retail F&O market share increased from 9.69% to 14.43%. After executing a reverse flip of its parent company from the US to India, Groww is one of the first firms to pursue an initial public offering (IPO). Based on a recently determined fair market value, the company paid US taxes of INR 1,340 crore ($160 million), which is 30% less than the $3 billion valuation at which it last raised capital in 2021.

    Future Plans of Groww

    Groww has so far raised roughly $596 million in equity capital, according to Tracxn. As per media reports of March 26, it just secured a $200 million round backed by GIC and Iconiq Capital at a valuation of $7 billion. Subject to SEBI’s clearance, the company has also finalised a deal to pay $150 million in cash to acquire the wealthtech platform Fisdom, which is funded by PayU.

    In addition, it is getting ready to launch W, a new wealth management platform aimed at long-term investors, to compete with rivals like Dezerv and Ionic Wealth, which is financed by Angel One. Groww, which began as a mutual fund investment platform when it was founded in 2016 by former Flipkart executives Keshre, Jain, Singh, and Bansal, is currently the largest stockbroker in India by active clients, according to NSE data.

    The platform added 9.45 million new demat accounts between June 2024 and June 2025, whereas the industry added 36.66 million during the same time frame.

    Quick
    Shots

    •Issue structure: OFS of around INR
    5,000–6,000 crore + fresh issue of INR 1,060 crore.

    •Planned IPO in November at $7–9
    billion valuation.

    •Founders to sell 1M shares; currently
    hold 27.96% stake.

    •Reverse flip from US to India led to
    INR 1,340 crore ($160M) US tax payout.

  • SEBI Eases Rules for Foreign Investors and IPOs to Boost Market Participation

    SEBI announced changes on 12 September that will eliminate redundant paperwork for low-risk foreign investors such as sovereign wealth funds, central banks, and retail funds, and loosen minimum dilution requirements for IPO-bound businesses. The easing coincides with an increase in international outflows, which are being fuelled by high US tariffs, poor profitability, and high valuations. In 2025, foreign investors withdrew $11.7 billion from Indian debt and stocks.

    By requiring two executive directors and separating the tasks of regulatory compliance (risk, investor complaints) and vital operations (trading, clearing, settlement), it also strengthened stock exchange governance. The minimum public offer for issuers with a market capitalisation of INR 1–5 lakh crore has been increased from INR 5,000 crore and 5% to INR 6,250 crore and at least 2.8% of the post-issue market capitalisation.

    The 25% minimum public shareholding requirement will now be met by companies listing with less than 15% public float in 10 years, compared to 5 years for those launching with 15% or more. Once the government notifies them, the lenient deadlines will also apply to businesses that have not yet complied with the current regulations.

    New Rules for Anchor Investors and Public Float

    The regulations governing anchor investors have been relaxed. With life insurance and pension funds holding a portion of the reserved pool, the overall quota has increased from one-third to 40%. A third will be set aside for mutual funds, and any money that isn’t subscribed to by insurers or pension funds would go back to them.

    With a minimum allotment size of INR 5 crore, the number of acceptable anchor investors has also increased. In order to increase India’s appeal to foreign investors, SEBI approved the Swagat-FI framework, which grants single-window access to “trusted” foreign portfolio and venture investors, including sovereign funds, central banks, and regulated retail funds, with a 10-year registration and KYC cycle instead of a 3-year one.

    Additionally, they will not be subject to the 50% aggregate contribution cap that applies to resident Indians, OCIs, and NRIs. In addition, the India Market Access portal was introduced by SEBI and market infrastructure organisations to offer comprehensive instructions on FPI registration, documentation, and compliance.

    To promote inflows from smaller cities and female investors, the regulator changed distributor incentives and lowered the maximum exit load in the mutual fund industry from 5% to 3%.

    SEBI’s Push to Boost Mutual Fund Participation

    With the introduction of a scale-based method for shareholder approval, SEBI has streamlined the rules governing related-party transactions. In addition to increased commissions for onboarding new female investors, distributors can receive up to 1% of the initial application value, or INR 2,000, for new investors from cities outside of the top 30.

    Low-value transactions do not need to be disclosed, while high-value acquisitions now need a vote. Transactions above 10% of turnover require clearance for businesses with a turnover of INR 20,000 crore. From INR 1,000 crore to INR 5,000 crore, the bar for companies having a turnover of INR 40,000 crore has been lifted dramatically.

    Quick
    Shots

    •For issuers with market cap INR 1–5 lakh crore →
    minimum public offer raised to INR 6,250 cr & 2.8% stake.

    •Companies with <15% float get 10 years (vs 5
    years) to meet 25% public shareholding.

    •Foreign investors exempt from aggregate
    contribution limits faced by residents/NRIs/OCIs.

    •New one-stop guide for FPI registration,
    documentation, and compliance.

  • 9 IPOs Opening This Week: GMP Ranges from 0% to 107% – Full List of Issues

    Nine initial public offerings (IPOs) will be available for subscription on mainboard and SME platforms this week, making it a busy week for primary markets. Investor interest is booming, ranging from well-known brands like Urban Company to specialised firms in engineering, metallurgy, and retail. Some issues have a great hunger among GMPs, while others have not yet gained traction. Here is the quick look at the upcoming IPOs.

    Airfloa Rail Technology Ltd. IPO

    The subscription period for the Airfloa Rail Technology IPO begins on September 11, 2025, and ends on September 15, 2025. On September 16, 2025, the allocation for the Airfloa Rail Technology IPO is anticipated to be finalised. The proposed listing date for Airfloa Rail Technology’s initial public offering (IPO) is set for September 18, 2025, on the BSE SME. The pricing range for Airfloa Rail Technology’s first public offering is INR 133.00 to INR 140.00 per share. An application’s lot size is 1,000. Based on the highest price, a retail individual investor must invest a minimum of INR 2,80,000.00 (2,000 shares). HNI requires a minimum investment of INR 4,20,000, or three lots (3,000 shares).

    Shringar House of Mangalsutra

    The subscription period for the Shringar House of Mangalsutra IPO begins on September 10, 2025, and ends on September 12, 2025. On September 15, 2025, the allocation for the Shringar House of Mangalsutra IPO is anticipated to be finalised. The proposed listing date for the Shringar House of Mangalsutra IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The pricing range for the Shringar House of Mangalsutra initial public offering is INR 155.00 to INR 165.00 per share. An application’s lot size is 90. Based on the highest price, a retail investor must invest a minimum of INR 14,850 (90 shares).

    Dev Accelerator

    The subscription period for the Dev Accelerator IPO begins on September 10, 2025, and ends on September 12, 2025. On September 15, 2025, the Dev Accelerator IPO allocation is anticipated to be finalised. The tentative listing date for the Dev Accelerator IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The pricing range for the Dev Accelerator IPO is INR 56.00 to INR 61.00 per share. An application’s lot size is 235. Based on the highest price, a retail investor must invest a minimum of INR 14,335 (235 shares).

    Jay Ambe Supermarkets

    The proposed listing date for the Ambe Supermarkets IPO is set for September 17, 2025, on the BSE SME. The price range for Jay Ambe Supermarkets’ IPO is INR 74.00 to INR 78.00 per share. An application’s lot size is 1,600. Based on the highest price, a retail individual investor must invest a minimum of INR 2,49,600.00 (3,200 shares).

    The Urban Company

    On September 15, 2025, the allocation for the Urban Company IPO is anticipated to be finalised. The proposed listing date for the Urban Company IPO is set for September 17, 2025, and it will be listed on the BSE and NSE. The price range for Urban Company’s IPO is INR 98.00 to INR 103.00 per share. An application’s lot size is 145. Based on the highest price, a retail investor must invest a minimum of INR 14,935 (145 shares).

    Taurian MPS

    The subscription period for the Taurian MPS IPO begins on September 9, 2025, and ends on September 11, 2025. On September 12, 2025, the allocation for the Taurian MPS IPO is anticipated to be finalised. The proposed listing date for the Taurian MPS IPO is set for September 16, 2025, on the NSE SME. The pricing range for the Taurian MPS IPO is INR 162.00 to INR 171.00 per share. An application’s lot size is 800. Based on the highest price, a retail individual investor must invest a minimum of INR 2,73,600.00 (1,600 shares).

    Karbonsteel Engineering

    The Karbonsteel Engineering initial public offering (IPO) will go live on September 9, 2025, and end on September 11, 2025. On September 12, 2025, the Karbonsteel Engineering IPO allocation is anticipated to be finalised. The proposed listing date for the Karbonsteel Engineering IPO is set for September 16, 2025, on the BSE SME. The price range for Karbonsteel Engineering’s IPO is INR 151.00 to INR 159.00 per share. An application’s lot size is 800. Based on the highest price, a retail individual investor must invest a minimum of INR 2,54,400.00 (1,600 shares).

    Nilachal Carbo Metalicks

    The Nilachal Carbo Metalicks initial public offering (IPO) will go live on September 8, 2025, and end on September 11, 2025. On September 12, 2025, the allocation for the Nilachal Carbo Metalicks IPO is anticipated to be finalised. The IPO of Nilachal Carbo Metalicks is scheduled to go public on the BSE SME on September 16, 2025. The IPO price of Nilachal Carbo Metalicks is INR 85.00 per share. An application’s lot size is 1,600. Based on the highest price, a retail individual investor must invest a minimum of INR 2,72,000.00 (3,200 shares).

  • Lenskart Gets Shareholder Nod for INR 2150 Cr IPO, Eyes $1 Billion Market Debut

    The shareholders of Lenskart have given their consent for the company to raise INR 2,150 Cr ($248.7 Mn) through a new share offering as part of the first public offering (IPO).

    What’s Included in the Upcoming Lenskart IPO?

    A secondary offer for sale (OFS) component by current investors will also be included in Lenskart’s new issuance, according to the company’s filings with the MCA.

    Additional corporate and other approvals are pending for the listing. The first to report on the development was CNBC TV18. According to reports, the total IPO amount is anticipated to be approximately $1 billion, or INR 8,500 crore.

    Moreover, Lenskart suggested listing the equity shares on the National Stock Market of India Limited, the BSE Limited, and any other stock market that its board deemed appropriate.

    Key Filings and Financial Updates

    The company also obtained the board’s in-principle approval to distribute equity shares worth up to INR 430 Cr to specific investors, according to the document. The allocation would take place on or before the Securities and Exchange Board of India (SEBI) receives the red herring prospectus (RHP). In the meantime, the Lenskart Employee Stock Option Plan, 2025 (ESOP 2025), granted 7,280,431 equity shares to qualified employees.

    This comes weeks after the massive eyeglasses company became a public company. Additionally, sources stated that Peyush Bansal, the cofounder and CEO of Lenskart, was seeking to repurchase 1.5–2% of the company from its current investors, which included TR Capital, SoftBank, Chiratae Ventures, and Kedaara Capital, for approximately $150 million.

    Lenskart’s Global Footprint & Investor Backing

    Lenskart, an omnichannel eyewear shop with locations in India, the United Arab Emirates, Singapore, and Japan, was founded in 2010 by Bansal, Amit Chaudhury, and Sumeet Kapahi.

    According to the company, it has over 2,500 outlets and 2 Cr customers. Up to this point, the Gurugram-based business has raised more than $1.75 billion from investors, including Temasek, Abu Dhabi Investment Authority, and ChrysCapital. In terms of finances, the firm reduced its net loss from INR 64 Cr in the prior fiscal year to INR 10 Cr in FY24, an 84% decrease.

    In the meantime, operating revenue increased 43% from INR 3,788 Cr in FY23 to INR 5,427.7 Cr in the reviewed year. Additionally, several startups have been moving forward with their intentions for a public offering at this time.

    Lenskart Joins India’s Tech IPO Wave                        

    Lenskart joined the line of cutting-edge IT firms that are planning to debut their public issues, such as Physics Wallah, Wakefit, Pine Labs, Shadowfax, Amagi, Curefoods, Capillary Technologies, Shiprocket, and Urban Company. UBS, Avendus Capital, IIFL, and JM Financial were reportedly hired as lead managers by supply chain solutions firm Leap India earlier today in preparation for its impending market debut.

    Lenskart Files for INR 2,150 Cr IPO With SEBI, Eyes Market Expansion

    The market watchdog SEBI has received Lenskart’s draft red herring prospectus (DRHP), which aims to raise up to INR 2,150 Cr through a new share offering. An offer for sale (OFS) of up to 13.2 Cr shares by current investors will also be included in the initial public offering (IPO).

    The shares will be sold through the OFS by promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, as well as institutional investors SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures. LensKart may also fund up to INR 430 Cr in a pre-IPO placement, according to the DRHP.

    A total of INR 272.6 Cr would be set aside for capital expenditures to construct and outfit new Company Owned, Company Operated (CoCo) outlets. For the company’s CoCo outlets, an additional INR 591.4 Cr will be used for lease, rent, and license-related expenses.

    Additionally, INR 320 Cr is set aside for marketing, brand promotion, and advertising to increase public awareness and draw in new clients, while INR 213.3 Cr will be utilised for the expansion and upgrade of cloud infrastructure and technology systems.

  • Regulator Strikes: SEBI Penalizes BSE INR 25 Lakh for Norm Violations

    For failing to give all stakeholders equitable access to corporate filings and to take action against brokers who make frequent changes during trading, capital markets regulator SEBI fined the BSE INR 25 lakh on 25 June.

    Following an inspection that took place between February 2021 and September 2022, the market regulator issued the order. SEBI ruled in a 45-page ruling that BSE had violated standards by allowing its paid clients and internal listing compliance monitoring (LCM) staff to view business announcements before they were posted on its website.

    In order to preserve market integrity and avoid unfair information advantages, the regulator also noted that the data dissemination procedure lacked controls to guarantee simultaneous and equal access to all players.

    SEBI Notifies Various Shortcomings of BSE

    The Securities Contracts (Regulation) SECC (Stock Exchange and Clearing Corporations) Regulations, 2018, which require stock exchanges to provide equitable and transparent access to all users, were broken by BSE, according to SEBI’s remark.

     Additionally, it pointed out that the BSE failed to set up a really basic syndication (RSS) feed, which would have reduced the possibility of unequal access to company filings. SEBI held that such corrective action was only done after the examination revealed shortcomings, even if the exchange later created a time gap to remedy the matter.

    SEBI also pointed out significant flaws in BSE’s oversight of client code changes, which are only allowed when there are actual mistakes.

    Concerns regarding potential abuse and a lack of due diligence in trades between unaffiliated institutional clients were raised by the BSE’s failure to take disciplinary action against brokers who made frequent adjustments and ‘error accounts’.

    Comments Made by SEBI’s Quasi Judicial Authority Santosh Shukla

    In the ruling, Santosh Shukla, SEBI’s quasi-judicial authority, stated that stock exchanges play a crucial role as the initial line of supervision when managing materially price-sensitive information concerning listed firms and their securities.

    In order to maintain compliance with its responsibilities as a leading, internationally renowned stock exchange, BSE must have internal controls over how to handle and manage such corporate announcements.

    Shukla stated that the concept of impartiality, transparency, and fairness in information dissemination from the first-level regulator BSE has been significantly compromised by the availability of information about listed companies to LCM employees of BSE and its paid subscribers prior to its release to general investors through its website.

    Additionally, he argued, BSE has demonstrated carelessness and laxity in failing to enforce standards regarding client code modifications.

  • While Raising PT to INR 470, HDFC Securities Downgrades Swiggy to “Reduce”

    HDFC Securities, a broking firm, downgraded Swiggy from “add” to “reduce”; however, it raised its target price from INR 430 per share to INR 470. This would indicate a 9.2% decline from the stock’s last closing price. Swiggy’s stock closed on 4 December’s trading session on the BSE at INR 518.10 per share. During 5 December’s intraday trading session, the stock continued to rise, rising more than 11% to INR 576.95 on the BSE.

    Although Swiggy’s key performance indicators in the quick commerce and food delivery areas are improving, the company still trails Zomato, according to a recent report from analysts at HDFC Securities. According to the broking, Swiggy recorded a 4.8% quarterly increase in monthly transacting customers in the food delivery segment in Q2 FY25, while gross order value increased 5.6% on a quarter-over-quarter basis to INR 7,190 Cr. The company’s vigorous promotion of its subscription service, Swiggy One, was primarily responsible for this.

    Zomato is Still Leading the Race

    According to HDFC Securities, Swiggy continued to lag behind Zomato in the food delivery sector across all KPIs in H1 FY25. In H1, Zomato’s GOV increased by 24%, but Swiggy recorded a 14% growth in the food delivery market. Furthermore, the broking claims that Instamart, Swiggy’s rapid commerce division, is still trailing its Zomato rival Blinkit in terms of growth and unit economics.

    HDFC Securities emphasised that although Swiggy’s dark shop network has seen an improvement in order density, Blinkit has made more progress in terms of unit economics at a comparable scale. The broking stated that although the increase in client acquisition is positive, the present market pricing indicates that the path to convergence in rapid commerce with Blinkit is inevitable.

    Current Financial Structure of Swiggy

    Swiggy was downgraded by HDFC Securities after the Sriharsha Majety-led company’s operating revenue increased 12% QoQ to INR 3,601.45 Cr, but its net loss worsened sequentially by more than 2% to INR 625 Cr in Q2 FY25. Swiggy stated in its Q2 FY25 investor presentation that it aimed to achieve a consolidated adjusted EBITDA profitability by Q3 FY26. Additionally, a new subsidiary that will function in the “sports activities and amusement and recreation activities” section is being established by the foodtech company.

    Even if the food delivery market is more established and less competitive, Swiggy’s poor performance highlights the difficulties it faces, according to another broking business, HSBC Securities and Capital Markets (India). Swiggy was valued at $16 billion by HSBC, which included $1.3 billion in cash and investments, $10 billion for rapid commerce, and $5 billion for food delivery. Nevertheless, it does not anticipate that the overall business will achieve EBITDA breakeven before the fiscal year of 2028.

    Swiggy’s Food Delivery Business Limits Expansion Plans
    Swiggy’s food delivery business is focusing on enhancing operations in existing cities rather than expanding into new locations, prioritizing efficiency and growth.
    StartupTalkyNitin Konde