New Delhi, Nov. 4 -- The Indian initial public offering (IPO) market has undergone multiple path-breaking reforms over the last five years-deepening participation, expanding the investor base, and drastically shortening IPO cycles.

The current IPO boom is a direct outcome of these reforms.

By tightening timelines and ensuring that only the amount required for allotted shares leaves an investor's account, Sebi transformed the IPO experience. The old pain of waiting for refunds, tracking missing funds, or chasing registrars is now gone. Under the applications supported by blocked amount (ASBA) mechanism, investors' money stays in their bank accounts even as they bid for IPO allotments.

These reforms permanently changed the Indian IPO mar...