The Securities and Exchange Board of India (Sebi) on Tuesday proposed stiffer listing regulations for small and medium enterprises (SMEs). These include enhanced eligibility conditions, increasing the minimum application value, lockin requirements by promoters, tighter norms for migrating to the main board, and stricter corporate-governance measures. The move comes after the regulator found instances of funds and proceeds from initial public offerings being allegedly diverted, circular transactions to related parties to inflate prices, and booking fictitious transactions to create positive sentiment among investors. Sebi has even halted the listing of an SME when concern was raised.