SEBI investigates six Indian banks for allegedly charging excessive fees for small IPOs.

India's securities regulator, SEBI, is investigating six domestic investment banks for allegedly charging excessive fees—up to 15%—for small IPOs, compared to the typical 1-3%. The inquiry, initiated earlier this year, focuses on practices that may manipulate oversubscription and facilitate rule-breaking bid placements by certain investors. SEBI plans to propose stricter regulations for small IPOs to protect investors from potential risks.