Key Takeaways
- • The Securities and Exchange Board of India (Sebi) has constituted a working group to comprehensively review the regulatory framework governing the Innovators Growth Platform (IGP), aimed at improving capital-market access for start-ups and innovation-led enterprises.
- • The review covers eligibility and listing requirements for research-stage, pre-revenue, IP-led and deep-tech companies, as well as public issues, offers for sale (OFS), pricing, allocation and minimum subscription rules.
- • The panel will also examine IGP investor eligibility, post-listing obligations, and the migration path from the IGP to the main board, benchmarking India's framework against international regimes.
- • The working group is co-chaired by Srini Srinivasan of the Indian Venture and Alternate Capital Association and Prashanth Prakash of Accel Partners, with venture capital, private equity and industry representation.
- • The working group will submit recommendations to Sebi for consideration, including amendments and transitional measures under the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Summary
The Securities and Exchange Board of India (Sebi) has set up a working group to undertake a comprehensive review of the Innovators Growth Platform (IGP), according to a Sebi circular reported by The Economic Times. The stated objective is to improve access to capital markets for start-ups and innovation-led enterprises. The review reflects the growth of sectors such as deep-tech, biotechnology, semiconductors, space and other research-intensive industries, which may have financing requirements and business models that differ from conventional issuers.
The working group will assess the relevance and effectiveness of the existing IGP framework under the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018. It will review eligibility and listing requirements, evaluate their suitability for pre-revenue and intellectual property-led companies, and examine the eligibility, participation and investment requirements for IGP investors. On fundraising, the panel will look at public issues and offers for sale, including pricing, allocation and minimum subscription requirements. Post-listing obligations, including disclosure, corporate governance, trading and continuing compliance, are also within scope, as is the procedure for migrating from the IGP to the main board.
The panel will benchmark India's IGP against international frameworks for technology-led and growth-stage companies and recommend amendments and transitional and implementation measures. Its members may consult start-ups, industry associations and other stakeholders while maintaining market integrity and investor protection. Srini Srinivasan, chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, partner at Accel Partners, will serve as co-chairs. Other 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 of Biocon, Pawan Kumar Chandana of Skyroot Aerospace, Siddharth Pai of 3one4 Capital, Naganand Doraswamy of Ideaspring Capital and Nishant Sharma of Kedaara Capital. Representatives from the DPIIT, ICAI, ICSI, CII, the Association of Investment Bankers of India, the NSE and BSE, and Sebi's Corporation Finance Department also participate, with some in ex-officio capacities.
The working group will assess the relevance and effectiveness of the existing IGP framework under the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018. It will review eligibility and listing requirements, evaluate their suitability for pre-revenue and intellectual property-led companies, and examine the eligibility, participation and investment requirements for IGP investors. On fundraising, the panel will look at public issues and offers for sale, including pricing, allocation and minimum subscription requirements. Post-listing obligations, including disclosure, corporate governance, trading and continuing compliance, are also within scope, as is the procedure for migrating from the IGP to the main board.
The panel will benchmark India's IGP against international frameworks for technology-led and growth-stage companies and recommend amendments and transitional and implementation measures. Its members may consult start-ups, industry associations and other stakeholders while maintaining market integrity and investor protection. Srini Srinivasan, chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, partner at Accel Partners, will serve as co-chairs. Other 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 of Biocon, Pawan Kumar Chandana of Skyroot Aerospace, Siddharth Pai of 3one4 Capital, Naganand Doraswamy of Ideaspring Capital and Nishant Sharma of Kedaara Capital. Representatives from the DPIIT, ICAI, ICSI, CII, the Association of Investment Bankers of India, the NSE and BSE, and Sebi's Corporation Finance Department also participate, with some in ex-officio capacities.
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