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India blocks mutual funds from pre-IPO placements to protect retail investors
SEBI bars mutual funds from investing in pre-IPO placements, limiting them to official IPO flows to safeguard retail investors and unlisted-stock risks.
The Securities and Exchange Board of India (SEBI) has directed mutual-fund houses that they cannot invest in pre-IPO placements — only in the official public offer or anchor portion. This comes after some curbs were sought on funds holding unlisted shares if a company fails to list. The rule affects an industry managing ~₹75.6 trillion and is designed to boost transparency and protect retail interests ahead of what is expected to be the largest IPO pipeline in Indian history.