What is the role of SEBI with respect to public issues?

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The rules, regulations and procedures relating to public issues in India are governed by the Securities and Exchange Board of India (SEBI).

Any company going public in India should get approval from SEBI before opening its IPO. Issuer company's lead managers submit the public issue prospectus to SEBI, provide clarification, make changes to the prospectus suggested by SEBI and get it approve.

In simple words SEBI validate the IPO prospectus and make sure all the declaration made in this document are correct and also make sure that document has enough information to help investors to take decision before applying shares in an IPO.