The Securities and Exchange Board of India has constituted a working group to review the regulatory framework for the Innovators Growth Platform, the dedicated public-market route for innovation-led companies. The group will assess whether current rules remain effective for businesses in deep technology, biotechnology, semiconductors, space and other research-intensive sectors.
SEBI said these businesses can have financing needs and operating models that differ from conventional issuers. The review is intended to improve access to capital while maintaining investor protection and market integrity.
Review covers entry, listing and market quality
The group’s terms of reference include the IGP’s eligibility and procedural requirements under the Issue of Capital and Disclosure Requirements Regulations, 2018. It will also examine disclosure standards, post-listing obligations and measures affecting liquidity and participation.
International benchmarking is part of the mandate. The group will compare India’s framework with relevant overseas regimes for technology-led and growth-stage companies, and recommend adaptations suitable for the Indian securities market.
Industry and market institutions are represented
The working group is co-chaired by Indian Venture and Alternate Capital Association chairman Srini Srinivasan and Accel partner Prashanth Prakash. Its industry members include representatives from biotechnology, private equity, venture capital, AI, Biocon and Skyroot Aerospace.
Ex-officio representation includes the Department for Promotion of Industry and Internal Trade, ICAI, ICSI, CII, the Association of Investment Bankers of India, NSE and BSE. SEBI’s Corporation Finance Department will provide the member secretary.
What changes could matter
The IGP was designed to give eligible innovative companies a listing route suited to their ownership and financing structures. The review could affect which issuers qualify, how offers are structured, what information investors receive and how trading liquidity develops after listing.
No draft amendments or implementation date have yet been published. The group may consult startups, industry associations and other stakeholders before submitting recommendations to SEBI.
What boards and CFOs should watch
- Any change to issuer eligibility or investor-access conditions
- Revised disclosure and lock-in requirements
- Measures intended to improve secondary-market liquidity
- Transitional rules for companies already using the platform
Source: SEBI press release 69/2026, 4 November 2026. This is general information, not legal or investment advice.
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