Markets regulator Sebi on Thursday approved a slew of reforms to deepen market participation, widen investment avenues and simplify regulatory norms, including an overhaul of portfolio management rules, greater access for FPIs to commodity derivatives and allowing depository receipts against REIT and InvIT units. The Sebi board approved the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2026, replacing the existing 2020 framework, and permitted portfolio managers to invest in initial public offerings (IPOs), primary market debt issuances and a wider range of overseas securities.