The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing comprehensive reforms to the listing and trading rules for smaller companies, aiming to simplify capital market access and broaden investor participation. Under the proposals, companies with a market capitalization of up to 10 billion rupees (approximately $105 million) would use the SME platform for their initial public offerings (IPOs); companies with a market capitalization between 10 billion and 40 billion rupees could opt to list on either the micro-listing platform or the main board. The consultation paper was published on Wednesday.