The Securities and Exchange Board of India (SEBI) has issued a warning to investors against dealing with unregulated 'Opinion Trading Platforms' that pose as investment services. SEBI Chairman Tuhin Kanta Pandey, in multiple exclusive interviews, emphasized the need for investor caution, particularly regarding SME IPOs, where returns may not be reliable. He also highlighted SEBI's plans to increase its physical presence by potentially reopening local offices and to strengthen its legal, surveillance, and investigation capabilities. Pandey addressed ongoing regulatory matters, stating that there is currently no review planned for mutual fund Total Expense Ratio (TER) and that the much-discussed PUSTA regulations are not being pursued at this time. He reaffirmed that regulating asset prices and policing valuations are not within SEBI's role. The chairman noted positive sentiments from foreign portfolio investors (FPIs) following extensive outreach efforts to over 2,000 FPIs, mainly in the US. SEBI intends to review the retail investor quota in IPOs with public consultation expected. On settlement cycles, the T+0 settlement option will remain optional due to adaptation challenges faced by investors and FPIs. Pandey also commented on the broader regulatory environment, acknowledging over-regulation in government agencies including SEBI and stressing the importance of regulations serving a clear purpose. Additionally, he mentioned global economic headwinds stemming from geopolitical fragmentation and trade actions, particularly by the US, impacting India. The Ministry of Finance has initiated the search for a new whole-time member for SEBI, signaling potential changes in the regulator's leadership structure.