The Securities and Exchange Board of India (SEBI) on Wednesday formed a working group to review the Innovators Growth Platform (IGP), a listing route for startups that has drawn few takers more than a decade after its launch.
The platform was introduced in 2014 to give startups and new-age companies access to public capital markets before they meet the eligibility norms for the main board. It has seen little activity since.
The panel will assess whether the current framework is still relevant and effective in helping innovation-led companies raise capital, without diluting investor protection. Its scope covers research-stage, pre-revenue, intellectual property-led and deep-tech firms, along with other technology-intensive businesses.
The working group will examine listing and fundraising rules, investor eligibility criteria, post-listing obligations and the process for migrating companies from the IGP to the main board.
The review comes as India’s startup ecosystem pushes into biotechnology, semiconductors and space. Companies in these sectors typically have longer development cycles and funding needs that differ from those of mature businesses, making conventional listing norms a poor fit.