SEBI proposes relaxing IPO price discovery rules for pre-open call auction sessions, aiming for efficiency. The plan allows automatic 10% band extensions if five unique traders bid beyond limits. While greater elasticity aids smoother price discovery, the author warns it could facilitate price rigging. A stricter condition, requiring a rising multiple of traders for each band extension, is suggested to maintain safety. The article also notes challenges in valuing startups lacking profit records or clear P/E ratios, making investor judgment harder amid asset inflation risks.