As of SEBI’s revised framework effective November 30, 2025: a minimum of 5 and a maximum of 15 anchor investors are permitted for allocations up to ₹250 crore (this merged what were previously two separate categories), with an additional 15 investors permitted for every extra ₹250 crore (or part thereof) beyond that, subject to a minimum allotment of ₹5 crore per investor.