# SEBI regulatory reforms in India > Developing situation record from CLSTR: https://clstr.news/situations/sebi-regulatory-reforms-in-india > Updated: 2026-10-16T10:59:31.000Z. Sources: 11. Developments: 2. The Securities and Exchange Board of India (SEBI) has implemented a series of regulatory updates aimed at deepening market participation and simplifying compliance. In September 2026, SEBI approved the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026, which replaced the 2020 framework. These new rules expanded the investment options for Portfolio Management Services (PMS) to include assets such as IPOs, primary market debt, and various foreign securities like listed overseas equities and ETFs. The reforms also allowed Foreign Portfolio Investors (FPIs) to participate in certain physically settled commodity derivative contracts and permitted REITs and InvITs to issue depository receipts in overseas markets. By October 2026, SEBI shifted focus toward Small and Medium Enterprise (SME) Initial Public Offerings (IPOs) and debt security disclosures. A consultation paper proposed changes to SME IPO rules, including potential increases to minimum operating profit requirements and reductions in trading lot sizes to a single share. Additionally, new amendments to the Listing Obligations and Disclosure Requirements (LODR) Regulations now mandate that listed entities list all subsequent issuances of non-convertible debt securities on stock exchanges. ## Timeline ### 2026-10-16: SEBI proposes new SME IPO rules and debt security amendments SEBI has proposed new SME IPO rules for 2026, including higher profit requirements, and amended regulations to mandate the listing of subsequent non-convertible debt securities. 7 sources. https://clstr.news/cluster/sebi-proposes-new-sme-ipo-rules-and-debt-security-amendments ### 2026-09-24: SEBI approves new regulations to expand PMS and FPI investment options SEBI has approved new 2026 regulations for Portfolio Management Services, expanding investment options into foreign securities, IPOs, and debt, while increasing FPI participation in commodity derivatives. 5 sources. https://clstr.news/cluster/sebi-approves-new-portfolio-management-services-regulations --- Cite as: SEBI regulatory reforms in India. CLSTR, https://clstr.news/situations/sebi-regulatory-reforms-in-india