New Delhi, March 25
Seeking to boost listing of startups, markets watchdog SEBI on Thursday decided a slew of relaxations to norms, including reducing holding period for pre-issue capital and allowing discretionary allotment to eligible investors.
- The changes have been approved to the framework for listing on the Innovators Growth Platform
- Other proposals approved include easing delisting requirements and relaxation in guidelines for migrating to main Board
The changes have been approved to the framework for listing on the Innovators Growth Platform, SEBI said after the Board meeting.
Other proposals approved include easing delisting requirements and relaxation in guidelines for migrating to main Board.
“The Board has approved the proposals with respect to framework of Innovators Growth Platform (IGP) under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with an objective to make the platform more accessible to companies in view of the evolving startup ecosystem,” SEBI said.
The regulator has decided to reduce the period of holding of 25% of pre-issue capital of the issuer company by eligible investors to one year from the current requirement of two years. The term ‘Accredited Investor’ for the purpose of IGP is renamed as ‘Innovators Growth Platform Investors’. — PTI