The Securities and Exchange Board of India (SEBI) has announced significant reforms aimed at enhancing the regulatory framework for small and medium enterprise (SME) initial public offerings (IPOs). These reforms include increased scrutiny to protect retail investors and ensure market integrity, addressing systemic risks such as fund diversion and inflated revenue. SEBI's six-step framework for equity index derivatives, which began implementation on November 20, also includes new rules for futures and options (F&O) trading, effective from November 21. Key changes involve adjustments to lot sizes and the abolition of the 1% mandatory security deposit rule for IPOs, aimed at facilitating ease of doing business for issuer companies. The initiatives reflect SEBI's proactive approach to balancing market growth with investor protection.