<h1>SEBI Reforms IPO Process: Faster Approvals, Mandatory ASBA for Retail, and Exploring New Payment Methods with NPCI.</h1> The Securities and Exchange Board of India (SEBI) has implemented several reforms to improve the IPO process, including enabling Registrars and Transfer Agents and Depository Participants to accept applications and bids on stock exchanges, and allowing more issuers to raise capital through the Fast Track Route. The processing time for draft offer documents has decreased from 78 days in 2016-17 to 61 days in 2017-18. The ASBA mechanism was made mandatory for retail investors, reducing the post-issue listing timeline from 12 to 6 days. SEBI is exploring alternative payment mechanisms with the National Payments Corporation of India to further enhance efficiency.