IPO rules revamp: Mutual funds barred from pre-IPO buys, anchor route open; Sebi pushes transparency, wider participation

Mutual funds are now barred from pre-IPO share placements but can participate in anchor rounds of public issues, according to a source. This move aims to boost liquidity and clarify company valuations before listing. SEBI also plans to simplify IPO disclosures with a standardized offer document summary for retail investors, while noting irrational exuberance in retail derivatives trading.