What is the ceiling of subscription per borrower for Initial Public Offer (IP

As per the recent guidelines by RBI for NBFCs regarding the new Scale based regulations, the NBFCs will be categorized as per the different layers like Base Layer (BL), Middle Layer (ML), Upper Layer (UL), and Top Layer (TL). The regulatory structure for NBFCs shall comprise of four layers based on their size, activity, and perceived riskiness. NBFCs in the lowest layer shall be known as NBFC - Base Layer (NBFC-BL). NBFCs in the middle layer and upper layer shall be known as NBFC - Middle Layer (NBFC-ML) and NBFC - Upper Layer (NBFC-UL) respectively. The Top Layer is ideally expected to be empty and will be known as NBFC - Top Layer (NBFC-TL) From October 01, 2022, all references to NBFC-ND (non-deposit-taking) shall mean NBFC-BL (Base Layer) and all references to NBFC-D (Deposit-taking) NBFC-NDSI (Non-Deposit taking systemically important) shall mean NBFC-ML (Middle Layer) or NBFC-UL, (Upper Layer) as the case may be. Various regulations regarding Net owned funds, NPAs categorization, ) Internal Capital Adequacy Assessment Process (ICAAP) etc. are made. There shall be a ceiling of ₹1 crore per borrower for financing subscription to Initial Public Offer (IPO). NBFCs can fix more conservative limits.