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SEBI announces norms for listed startups to shift to trading on main stock exchange

Capital Market 

Company should be listed on Innovators Growth Platform for a minimum period of one year

The SEBI Board in its meeting held on 21 August 2019 has approved the norms for migration of companies listed on the Innovators Growth Platform (IGP) earlier called startups to regular trade category of the main board.

The key proposals approved by the Board includes that the company should have been listed on the Innovators Growth Platform for a minimum period of one year. At the time of making the application for trading under regular category of main board, the number of shareholders should be minimum 200.

The company should have profitability/ net worth track record of 3 years or have 75% of its capital as on the date of application for migration held by Qualified Institutional Buyers in accordance with Regulation 6(1) and 6(2) of the ICDR Regulations for main board listings.

Minimum promoters contribution shall be 20% which shall be locked in for 3 years. Period of earlier lock-in of 6 months served at the time of listing on IGP shall be deducted from the stipulated lock-in requirement of 3 years.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 21 2019. 19:27 IST