Sebi Set to Revamp IPO Norms Efforts on to make it easier for legitimate sellers while clamping down on misuse The Securities and Exchange Board of India (Sebi) is set to revamp initial public offering (IPO) norms to make them less onerous for legitimate sellers while clamping down on possible misuse. These include recognising a wider set of institutional investors such as alternative investment funds (AIFs) as counting toward promoters’ contribution in startups, requiring financial disclosures for three years rather than five and reducing disclosure of the price band to two days before the issue opens from five now. The board will meet on June 21 to discuss proposed changes in the Issue of Capital and Disclosure Requirements (ICDR), said a person aware of the matter. Regulations have also been rewritten to make them consistent and easier to follow. “There are cases of good companies where the promoter capital is not adequate for lock-in in an IPO,” said Prime Database managing