Market regulator Sebi has said it plans to undertake several reforms to develop equity culture in the country, but will not allow companies to raise funds through IPOs if their intentions are unclear and investors' interest is compromised.
Listing out the steps being taken for the benefit of the markets and investors, Securities and Exchange Board of India (Sebi) chairman UK Sinha said that these measures would seek to balance the need of retail investors and the need for encouraging more people to invest in the equity market.

"These are all far-reaching reforms so far as expanding the equity culture is concerned. And, most importantly, this is not the end of it, we will consider many more reforms," Sinha said. He added that pension is another area where reforms are necessary.