<h1>Regulator proposes 10-year deadline for 25% public shareholding for mega IPOs; tightens rules on unregistered advisers</h1> A market regulator proposed extending the deadline for achieving 25% public shareholding to 10 years for exceptionally large IPOs, aiming to facilitate jumbo listings while urging merchant bankers and anchor investors to use conservative valuations to prevent post-listing price erosion. The regulator also announced intensified enforcement against unregistered investment advisers and financial influencers on social media, deploying platform verification processes, a dedicated monitoring team to flag illegal posts, and actions against unlicensed market commentators and manipulators. Investor education initiatives targeting students will be expanded to help distinguish legitimate advisors from fraudsters.