The Securities and Exchange Board of India (SEBI) is implementing new regulations for merchant bankers, effective January 2026. These changes include a phased increase in net-worth requirements, with Category I bankers needing Rs 50 crore by January 2028, and Category II bankers needing Rs 10 crore. Liquid net-worth requirements and tighter underwriting limits are also being introduced to bolster market intermediaries, enhance compliance, and protect investors amidst a growing IPO market.