 "Illustration: Binay Sinha")
The Securities and Exchange Board of India’s (Sebi’s) move to widen the ambit of institutional investors may enable hundreds of startups to tap the rebranded Innovators Growth Platform (IGP). The institutional segment will now include offshore funds, high networth individuals (HNIs) and angel networks, which constitute the bulk of investors in start-ups in India. Several of these offshore funds are from Mauritius and the US.
The regulatory framework for the erstwhile institutional trading platform (ITP) excluded these investors and restricted the institutional category to qualified institutional buyers (QIBs), family trusts and systematically-important NBFCs. With early-stage funds drying up, the new
