The 2021's IPO frenzy saw a listing of 60+ fresh IPOs. However, some IPO rules were changed to protect the interests of retail and non-institutional investors (NIIs). The Securities and Exchange Board of India (SEBI) is a statutory regulatory body that regulates the Indian security market and protects the interests of investors investing in securities. SEBI guidelines for an IPO were already laid out, but recently some amendments were made to them.