<h1>Markets regulator proposes pilot venue for pre-IPO trading, longer equity derivative tenures, AI governance, and investor protections</h1> The markets regulator signalled plans for a pilot regulated venue to permit pre-IPO share trading during the multi-day gap between allotment and listing, aiming to replace unregulated grey-market activity and require specified disclosures; it also proposes calibrating longer tenures for equity derivative products to improve hedging and curb ultra-short-term trading after data showing heavy retail losses in FY25. The regulator will consult stakeholders on these reforms, pursue simplified rules to ease fundraising while protecting investors, advance AI governance principles, intensify action against misleading market content, and expand online dispute resolution use.