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    <title>SMEs CONTRIBUTION IN PRIMARY EQUITY MARKETS INCREASES</title>
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    <description>SME participation materially strengthened primary equity market activity, with nearly double the SME IPOs and substantially larger funds raised year-on-year, deepening market liquidity and increasing retail participation as demat accounts rose sharply. This expansion coincided with adaptive private debt placements offsetting lower public debt issuance, and with Domestic Institutional Investors cushioning volatility from Foreign Portfolio Investor outflows, contributing to resilient market performance despite global macroeconomic uncertainty.</description>
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