Review of framework of Innovators Growth platform (IGP) under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)

Last updated: 18 December 2020

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The Securities and Exchange Board of India (SEBI) is reviewing the Innovators Growth Platform (IGP) framework, established to help tech-intensive startups raise capital. Based on market feedback, SEBI has released a consultation paper proposing several changes. These include easing eligibility criteria, expanding the definition of Accredited Investors, and modifying lock-in periods. Other proposed adjustments cover discretionary allotment to anchor investors, differential voting rights, takeover regulations, voluntary delisting, and migration to the main board.

Securities and Exchange Broad of India PR No. 62/2020 Review of framework of Innovators Growth platform (IGP) under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) SEBI in 2019 had created Innovators Growth Platform (IGP) framework under ICDR Regulat

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FAQ :

The IGP is a framework created by SEBI to encourage and facilitate capital raising and listing for startups and new-age, technology-intensive firms.

SEBI is revisiting the existing regulatory norms for the IGP based on feedback and suggestions received from market participants and stakeholders.

Key proposals include reducing the holding period for eligible investors, expanding Accredited Investor shareholding consideration, exempting certain investors from lock-in periods, allowing discretionary allotment to anchor investors, permitting Differential Voting Rights, relaxing takeover regulations, and adjusting delisting and main board migration criteria.

The last date for providing comments on the consultation paper is January 11, 2021.

Details of the proposals and the consultation paper are available on the SEBI website via the provided link.