Regulatory Alerts2025-11-01
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2025
The Securities and Exchange Board of India issued the Third Amendment Regulations, 2025, to modify investor allocation limits and anchor investor reservations under the ICDR Regulations, 2018. The amendments permit a minimum of 2 and maximum of 15 investors for allocations up to INR 250 crore, scaling to additional blocks of 15 investors for larger issues, while mandating a minimum allotment of INR 5 crore per investor. Additionally, 40% of the anchor investor portion is now reserved for domestic mutual funds (33.33%) and life insurance companies and pension funds (6.67%), with any under-subscription in these categories reallocated to domestic mutual funds.
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