A practical legal guide to India’s Main Board IPO process under SEBI ICDR 2026, covering eligibility, approvals, intermediaries, the DRHP cycle, pricing, allotment, listing and the key impact of the 2025–2026 amendments.

In a significant ruling, the Delhi High Court has held that a company’s buy-back of its own shares is a reduction of share capital and not an acquisition of property for the purposes of section 56(2)(x) of the Income-tax Act, 1961. The judgment provides important clarity on the legal character of buy-back transactions and limits over-expansive application of deeming provisions.

The GSTAT Procedure Rules, 2025 mark a major step toward operationalising India’s long-awaited GST appellate forum. While the Rules introduce a welcome procedural framework, e-filing structure and greater clarity on limitation, their real success will depend on how effectively the system addresses portal integration, digital accessibility, certified-copy requirements, and the practical design of virtual and hybrid hearings.

Promoters must assess IPO readiness through legal eligibility, governance, capital structure, and current SEBI norms.