In March 2025, SEBI raised the minimum SME IPO application to ₹2 lakh to limit participation by smaller retail investors. Its consultation paper of October 14, 2026 proposes ₹1 lakh again, within a very different architecture. 𝗧𝗵𝗲 𝗕𝗮𝗰𝗸𝗴𝗿𝗼𝘂𝗻𝗱: The SME platform has outgrown its design. As of July 31, 2026, 1,496 entities have listed on it, ₹40,222 crore has been raised, and 365 companies have migrated to the Main Board. SEBI finds that paid-up capital no longer ref