The Securities and Exchange Board of India has constituted an 18-member working group to review the regulatory framework governing the Innovators Growth Platform , with a focus on improving access to capital markets for startups and innovation-led companies.
The panel will examine the platform’s eligibility and listing requirements and assess whether they adequately address the financing needs of businesses in emerging sectors such as deep-tech, biotechnology, semiconductors and space. These companies often have distinct business models, long research and development cycles, and limited or no revenue in their early stages.
The working group will review eligibility, participation and investment requirements for IGP investors. It will also examine rules governing public issues and capital raising, including offer-for-sale , pricing, allocation and minimum subscription requirements.
SEBI panel to review listing and investor participation normsThe panel will also examine post-listing obligations, including disclosure requirements, corporate governance, trading norms and continuing compliance. Another key area of review will be the framework for migrating IGP-listed companies to the main board, including eligibility criteria and procedural requirements.
The working group will compare India’s regulatory framework with international practices for innovative and growth-stage companies. It will then recommend regulatory amendments and implementation measures for SEBI’s consideration. The 18-member panel will be co-chaired by Srini Srinivasan, chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, partner at Accel Partners.
Its members include representatives from startups, venture capital and private equity firms, biotechnology and innovation-led enterprises, industry associations, professional bodies, stock exchanges and SEBI. Officials from the Department for Promotion of Industry and Internal Trade , the Institute of Chartered Accountants of India , the Institute of Company Secretaries of India , the Confederation of Indian Industry , the National Stock Exchange and BSE are also part of the group.
SEBI said the working group may consult startups, industry associations and other stakeholders to understand sector-specific requirements and identify ways to improve access to the platform while maintaining market integrity and investor protection. What is the Innovators Growth Platform?
The Innovators Growth Platform is a dedicated stock exchange platform designed to help companies in technology, intellectual property, biotechnology and other innovation-led sectors access capital markets. SEBI introduced the platform in 2019 by renaming and revamping the earlier Institutional Trading Platform , established in 2015 to facilitate the listing of new-age startups.
However, the platform has continued to see limited market interest despite subsequent regulatory changes, including amendments introduced in 2021.