Knowledge Centre / The people in the process
What do SEBI and the exchange do?
Who does what, and who sits on your side.
SEBI makes the rules and reviews offer documents for Main Board issues. For SME issues, the stock exchange reviews the draft offer document. Both raise queries and give observations or approval, and the exchange grants listing.
Neither decides the price, and neither endorses the company.
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General information, not legal or investment advice. Rules as at 2 November 2026.
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