It has now become mandatory for all Qualified Institutional Buyers(QIB) to bring in 100% of the application money as the margin for subscribing to public issues. This has been done with an aim to create a level-playing field for all categories of investors subscribing to public issues. The new rules will be applicable for all public issues hitting the market after May 1, this year. In addition to this the SEBI board also decided to usher in reforms in the derivatives market by suggesting physical settlement of shares .Though no time frame has been set for this purpose, the regulator, intends working it out with the stock exchanges soon.