Summary: The Securities and Exchange Board of India (SEBI), through Press Release No. 69/2026 dated 4 November 2026, has constituted a Working Group to comprehensively review the regulatory framework governing the Innovators Growth Platform (IGP) under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The initiative seeks to evaluate whether the existing framework adequately addresses the financing and listing requirements of emerging innovation-led enterprises, particularly those operating in deep-tech, biotechnology, semiconductors, space technology and other research-intensive sectors, while maintaining investor protection and market integrity. The Working Group will examine eight principal areas, including existing IGP eligibility and listing requirements, suitability for research-stage and pre-revenue enterprises, investor eligibility and participation, public issues and offers for sale, pricing and allocation, minimum subscription requirements, post-listing disclosures and governance, and migration from IGP to the Main Board. It will also benchmark the Indian framework against international regulatory models and recommend necessary amendments, transitional arrangements and implementation measures. The Working Group includes representatives from venture capital, private equity, biotechnology, technology-driven enterprises, industry associations, professional institutions, stock exchanges and SEBI. Shri Srini Srinivasan, Chairman of the Indian Venture and Alternate Capital Association, and Shri Prashanth Prakash, Partner at Accel Partners, have been appointed Co-Chairs. Other members include representatives from Biocon, Skyroot Aerospace, Catamaran Ventures, 3one4 Capital, Kedaara Capital, ICAI, ICSI and relevant government and industry bodies. Members may engage with startups, industry associations and other stakeholders to identify sector-specific challenges and measures to improve access to capital markets. The Working Group will submit its recommendations to SEBI for consideration. The press release announces a regulatory review and does not itself amend the existing IGP regulations.
Securities and Exchange Board of India
PR No.69/2026
SEBI Constitutes Working Group to Review the Innovators Growth Platform Framework
The start-up and innovation ecosystem has evolved significantly, with the emergence of enterprises in areas such as deep-tech, biotechnology, semiconductors, space and other research-intensive sectors. Such enterprises may have distinct financing requirements and business models. In this context, a review of the existing regulatory framework governing the Innovators Growth Platform (IGP) is being undertaken to assess its relevance and effectiveness and to facilitate access to capital markets for innovation-led enterprises, while maintaining appropriate standards of investor protection.
Against this backdrop, the Securities and Exchange Board of India (SEBI) has constituted a Working Group to undertake a comprehensive review of the regulatory framework governing the IGP under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The Terms of Reference of the Working Group are as follows:
1. Existing IGP Framework: Review the existing regulatory framework governing IGP, including eligibility and listing requirements, and assess its relevance and effectiveness.
2. Research-stage and Innovation-led Enterprises: Examine the suitability of the IGP framework for research-stage, pre-revenue, IP-led, deep-tech and other innovation- and technology-intensive enterprises.
3. IGP Investor Framework: Review the eligibility, participation and investment requirements applicable to IGP Investors, while ensuring appropriate investor protection.
4. Listing and Capital Raising: Review the framework for listing and capital raising by IGP entities, including public issue, OFS, pricing, allocation and minimum subscription requirements.
5. Post-listing Framework: Review the post-listing regulatory framework applicable to IGP entities, including disclosure, governance, trading and continuing obligations.
6. Migration to Main Board: Review the framework for migration from IGP to the Main Board, including eligibility and procedural requirements.
7. International Benchmarking: Benchmark the IGP framework against relevant international frameworks for innovative, technology-led and growth-stage companies and consider suitable adaptations for the Indian securities market.
8. Recommendations and Implementation: Recommend necessary amendments to the applicable regulatory framework, including transitional and implementation measures, and examine any other matter incidental or consequential to the above.
The composition of the Working Group is as follows:
| Sl. No. | Name and designation | Category | Capacity |
|---|---|---|---|
| A. Representation from the Industry | |||
| 1. | Shri Srini Srinivasan,
Chairman, Indian Venture and Alternate Capital Association |
Industry Association | Co-Chair |
| 2. | Shri Prashanth Prakash,
Partner, Accel Partners |
Private Equity | Co-Chair |
| 3. | Dr. P. M. Murali,
President, Association of Biotechnology Led Enterprises |
Industry Association | Member |
| 4. | Shri M. D. Ranganath,
Chairman, Catamaran Ventures |
Private Equity | Member |
| 5. | Shri Umakant Soni,
Co-Founder, Bharat.1AI |
Start Up/Innovation Led Company | Member |
| 5. | Shri Kedar Upadhye,
Chief Financial Officer, Biocon Limited |
Start Up/Innovation Led Company | Member |
| 6. | Shri Pawan Kumar Chandana,
Co-Founder & CEO, Skyroot Aerospace Private Limited |
Start Up/Innovation Led Company | Member |
| 7. | Shri Siddharth Pai,
Founding Partner, 3one4 Capital |
Venture Capital | Member |
| 8. | Shri Naganand Doraswamy,
Founder and Managing Partner, Ideaspring Capital |
Venture Capital | Member |
| 8. | Shri Nishant Sharma,
Founder and Managing Partner, Kedaara Capital |
Private Equity | Member |
| B. Appointed in Ex-Officio Capacity | |||
| 9. | Additional Secretary or any person nominated by Additional Secretary | Department for Promotion of Industry and Internal Trade | Member |
| 10. | President or any person nominated by President | The Institute of Chartered Accountants of India | Member |
| 11. | President or any person nominated by President | The Institute of Company Secretaries of India | Member |
| 12. | President or any person nominated by President | Confederation of Indian Industry | Member |
| 15. | Chairman or any person nominated by Chairman | Association of Investment Bankers of India | Member |
| 9. | Chief Regulatory Officer | National Stock Exchange of India Limited | Member |
| 10. | Chief Regulatory Officer | Bombay Stock Exchange Limited | Member |
| 11. | Vertical Head, PoD, Corporation Finance Department | Corporation Finance Department, SEBI | Member Secretary |
Members of the Working Group may engage with start-ups, industry associations and other relevant stakeholders to understand sector-specific needs and identify measures to improve access to the IGP, while maintaining market integrity and investor protection. The recommendations of the Working Group will be submitted to SEBI for consideration.
Mumbai
November 04, 2026
