New Delhi, Dec 18 (PTI) Markets regulator Sebi's board on Wednesday approved a stricter regulatory framework to strengthen the process of public issues by small and medium enterprises (SMEs).

Additionally, the board approved reforms to boost ease of doing business for Debenture Trustees, ESG rating providers, InvITs, REITs, and SM REITs, according to a statement.

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Also, the regulator has decided to overhaul investment banking norms.

With regards to SME IPO, Sebi said SMEs planning to launch an IPO must demonstrate operating profits (earnings before interest, depreciation, and tax - EBITDA) of at least Rs 1 crore in two of the three preceding financial years at the time of filing their Draft Red Herring Prospectus (DRHP).

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The reforms, approved by the Sebi's board, aim to provide SMEs with a sound track record and an opportunity to raise funds from the public while protecting investor interests.

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