SEBI has constituted a working group to review regulations governing mainboard IPOs, follow-on public offers (FPOs), and other public issuances of securities. The group will examine existing frameworks under the ICDR Regulations and suggest changes to streamline the process, improve disclosures, and strengthen investor protection. This is part of SEBI's broader effort to periodically update capital market regulations to reflect evolving market conditions and issuer needs.

SEBI's primary regulatory tool for public issuances is the Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018. These regulations govern every stage of a mainboard IPO or FPO — from eligibility criteria (profitability track record, net tangible assets, etc.) and offer document requirements to allotment timelines and post-listing obligations.

A 'mainboard' IPO refers to listings on the main segments of NSE or BSE, as distinct from the SME platform, which has a separate, lighter regulatory regime. Mainboard issuers must meet stricter thresholds: for example, the minimum post-issue paid-up capital and minimum IPO size requirements are higher.

FPOs allow already-listed companies to raise additional equity from the public. Rights issues and preferential allotments are other issuance routes governed by ICDR.

SEBI periodically constitutes working groups or expert committees — whose recommendations often precede formal consultation papers and eventual regulatory amendments — to review these frameworks. The composition of such groups (industry experts, merchant bankers, stock exchanges, and SEBI officials) is itself exam-testable.

For aspirants, the key static knowledge layers here are: (1) what ICDR Regulations cover, (2) the distinction between mainboard and SME IPOs, (3) types of public issuances (IPO, FPO, rights issue, OFS), and (4) SEBI's standard process of reform — working group → consultation paper → board approval → gazette notification.