Key Takeaways
- • SEBI constituted an 18-member working group on Wednesday, November 4, to comprehensively review the regulatory framework governing the Innovators Growth Platform (IGP), according to a press release cited by ANI.
- • The review targets access to capital markets for deep-tech, biotechnology, semiconductor and space startups, covering eligibility, listing, fundraising, investor participation and post-listing obligations.
- • The group is co-chaired by Srini Srinivasan, Chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, Partner at Accel Partners.
- • Membership spans biotech, AI, space, venture capital and private equity, including executives from Biocon, Skyroot Aerospace, 3one4 Capital, Ideaspring Capital and Kedaara Capital.
- • Recommendations will be submitted to SEBI for consideration, with no deadline specified.
Summary
The Securities and Exchange Board of India (SEBI) on Wednesday constituted an 18-member working group to comprehensively review the regulatory framework governing the Innovators Growth Platform (IGP), according to ANI's report of a SEBI press release. The stated aim is to facilitate access to capital markets for startups and innovation-led enterprises in sectors such as deep-tech, biotechnology, semiconductors and space. SEBI said the ecosystem has evolved significantly and that research-intensive enterprises may have distinct financing requirements and business models, necessitating a review of whether the existing framework remains relevant and effective.
The review will examine existing eligibility, listing, fundraising and post-listing requirements under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, while maintaining investor protection. Specific areas include whether the IGP adequately addresses research-stage, pre-revenue and intellectual property-led companies; eligibility and participation rules for IGP investors; the regulatory treatment of public issues, offers for sale, pricing, allocation and minimum subscription; post-listing disclosure, governance, trading and compliance obligations; and the process for migrating from the IGP to the main board. The committee will also benchmark India's framework against international structures for technology-led and growth-stage companies.
The working group is co-chaired by Srini Srinivasan, Chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, Partner at Accel Partners. Members include P M Murali of the Association of Biotechnology Led Enterprises, M D Ranganath of Catamaran Ventures, Umakant Soni of Bharat.1AI, Kedar Upadhye, CFO of Biocon Limited, Pawan Kumar Chandana, Co-Founder and CEO of Skyroot Aerospace, Siddharth Pai of 3one4 Capital, Naganand Doraswamy of Ideaspring Capital and Nishant Sharma of Kedaara Capital. Ex-officio representatives come from DPIIT, ICAI, ICSI, CII and the Association of Investment Bankers of India, and the chief regulatory officers of NSE and BSE will also participate. SEBI's Vertical Head of Corporation Finance will serve as Member Secretary.
The group may engage with startups, industry associations and other stakeholders to identify measures to improve IGP access while maintaining market integrity and investor protection. Its recommendations will be submitted to SEBI for consideration, and the regulator has not specified a deadline.
The review will examine existing eligibility, listing, fundraising and post-listing requirements under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, while maintaining investor protection. Specific areas include whether the IGP adequately addresses research-stage, pre-revenue and intellectual property-led companies; eligibility and participation rules for IGP investors; the regulatory treatment of public issues, offers for sale, pricing, allocation and minimum subscription; post-listing disclosure, governance, trading and compliance obligations; and the process for migrating from the IGP to the main board. The committee will also benchmark India's framework against international structures for technology-led and growth-stage companies.
The working group is co-chaired by Srini Srinivasan, Chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, Partner at Accel Partners. Members include P M Murali of the Association of Biotechnology Led Enterprises, M D Ranganath of Catamaran Ventures, Umakant Soni of Bharat.1AI, Kedar Upadhye, CFO of Biocon Limited, Pawan Kumar Chandana, Co-Founder and CEO of Skyroot Aerospace, Siddharth Pai of 3one4 Capital, Naganand Doraswamy of Ideaspring Capital and Nishant Sharma of Kedaara Capital. Ex-officio representatives come from DPIIT, ICAI, ICSI, CII and the Association of Investment Bankers of India, and the chief regulatory officers of NSE and BSE will also participate. SEBI's Vertical Head of Corporation Finance will serve as Member Secretary.
The group may engage with startups, industry associations and other stakeholders to identify measures to improve IGP access while maintaining market integrity and investor protection. Its recommendations will be submitted to SEBI for consideration, and the regulator has not specified a deadline.
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