Sebi-appointed panel considers 'Snapchat model' to boost start-up listings

Regulator-appointed panel discusses proposal to allow listings without voting rights

The Securities and Exchange Board of India (Sebi) is mulling a ‘Snapchat model’ for facilitating listing of Indian start-ups. The multimedia messaging app offered shares without any voting rights during its initial public offering (IPO) last year.

A Sebi-appointed committee, to revive start-up listings, discussed the proposal of allowing companies to sell shares with differential voting rights at its first meeting held last week, said three people in the know.

Snapchat’s move caught the market’s fancy as it allowed founders to tap the market without giving up the freedom on decision-making and helped avoid greater shareholder scrutiny that came with raising public