Sebi forms working group to review Innovators Growth Platform framework

The Sebi panel will review listing eligibility, investor participation, pricing and disclosure norms to improve capital market access for deep-tech and other innovation-led firms

The Securities and Exchange Board of India (Sebi) on Wednesday constituted a working group to review the regulatory framework governing the Innovators Growth Platform (IGP), with a focus on facilitating access to capital markets for innovation-led enterprises.

 

The review comes amid the emergence of businesses in deep-tech, biotechnology, semiconductors and space, which have distinct financing requirements and business models, the regulator said.

 

The working group will examine the existing eligibility and listing requirements and assess their suitability for research-stage, pre-revenue, intellectual property-led and technology-intensive enterprises.

 

It will also review investor eligibility and participation, public issue and offer-for-sale requirements, pricing, allocation and minimum subscription norms, besides post-listing disclosure, governance and trading obligations.

 

 

The panel will examine migration requirements from the IGP to the main board and benchmark India's framework against international regulations governing innovative and growth-stage companies.

 

It will recommend amendments, including transitional and implementation measures, for Sebi's consideration.

 

The group 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 venture capital, private equity, biotechnology and innovation-led enterprises, alongside officials from industry bodies, stock exchanges and Sebi.

 

The working group may engage with startups and industry associations to understand sector-specific requirements and identify measures to improve access to the platform while maintaining investor protection.