SEBI Forms 18-Member Working Group to Review Innovators Growth Platform Rules for Startups and Deep-tech Firms

Key facts

• The Securities and Exchange Board of India (SEBI) has constituted an 18-member working group to review the regulatory framework of the Innovators Growth Platform (IGP) to improve capital market access for startups and innovation-led companies.
• The panel will examine IGP eligibility and listing requirements, investor participation norms, public issue and capital-raising rules including offer-for-sale, pricing, allocation and minimum subscription, and post-listing obligations such as disclosure, corporate governance and trading norms.
• The working group will also review the framework for migrating IGP-listed companies to the main board and compare India's framework with international practices before recommending regulatory amendments to SEBI.
• The panel is co-chaired by Srini Srinivasan, chairman of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, partner at Accel Partners, and includes officials from DPIIT, ICAI, ICSI, CII, NSE and BSE.
• The IGP, introduced by SEBI in 2019 by revamping the Institutional Trading Platform established in 2015, has seen limited market interest despite regulatory amendments in 2021.