The Securities and Exchange Board of India (SEBI) constituted an 18 member Working Group on 4 November 2026 to review the Innovators Growth Platform (IGP) under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The panel will be co-chaired by Srini Srinivasan of the Indian Venture and Alternate Capital Association and Prashanth Prakash of Accel Partners. The review aims to make stock market listing easier for research stage and technology intensive startups while protecting investors.
What Is the Innovators Growth Platform?
The Innovators Growth Platform is a separate listing window created by SEBI for technology intensive startups that want to raise funds from the stock market. The platform operates under Chapter X of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which lay down the rules for public issues and listing disclosures. It allows companies that use technology, information technology, intellectual property, data analytics, biotechnology or nanotechnology to offer products or services with large value addition.
The platform began as the Institutional Trading Platform (ITP) in 2015. SEBI renamed it as the Innovators Growth Platform in 2019 after the earlier framework failed to attract listings. SEBI amended the rules again in 2021 to lower entry barriers, but market response has remained limited.
To list on the platform, an issuer must meet a special shareholding test. At least 25 percent of its pre-issue capital must have been held for at least one year before filing offer papers by a set of recognised investors. These investors include Qualified Institutional Buyers (QIBs), which are large institutions such as mutual funds, banks and insurance firms, family trusts with net worth above ₹500 crore, Accredited Investors, and certain regulated pooled funds including Foreign Portfolio Investors. Accredited Investors are high income individuals or wealthy companies recognised by stock exchanges for this purpose, and they can together hold not more than 10 percent of the pre-issue capital.
The platform is designed only for informed investors. The minimum application size in an IGP public issue is ₹2 lakh, the minimum trading lot is ₹2 lakh, and a public issue must have at least 50 allottees. Any investor who can trade in the capital market can buy IGP shares, but the high lot size keeps small retail savers away from high risk, early stage bets.
Why Has SEBI Ordered a Review of the IGP Now?
SEBI said the startup and innovation ecosystem has changed sharply since the IGP rules were last revised. New enterprises have emerged in deep technology, biotechnology, semiconductors, space and other research heavy fields. Such firms often spend years on research and product trials before they earn revenue. Their business models depend on patents and intellectual property rather than on factories or current profits.
The present IGP rules were built for a narrower idea of a tech startup. SEBI now wants to test whether the eligibility and listing conditions suit research stage, pre-revenue, intellectual property led and technology intensive companies. The regulator announced the review through Press Release No. 69 of 2026 on 4 November 2026.
SEBI is the apex regulator for the securities market in India. The Securities and Exchange Board of India was set up as a non-statutory body on 12 April 1988 and became a statutory body on 30 January 1992 under the SEBI Act, 1992. The regulator functions under the administrative control of the Ministry of Finance and has its headquarters in Mumbai. Its mandate is to protect investors, develop the market and regulate stock exchanges, listed firms and intermediaries.
The timing also reflects competition from other routes. Many startups prefer a mainboard initial public offer, a SME listing on NSE Emerge or BSE SME, or private funding from venture capital funds. If the IGP remains unused, innovative firms lose one more public funding option that was built for loss making but high growth businesses.
Who Sits on the 18 Member Working Group?
SEBI has given joint leadership of the review to industry and investment expertise. The Working Group will be co-chaired by Srini Srinivasan, Chairperson of the Indian Venture and Alternate Capital Association, and Prashanth Prakash, Partner at Accel Partners.
The Indian Venture and Alternate Capital Association (IVCA) is the apex industry body for venture capital, private equity and other alternate funds in India. The body represents more than 500 funds with combined assets of over $350 billion and works with the government and regulators on fund rules. Accel Partners is a global venture capital firm and an early investor in several Indian startups. Prashanth Prakash is one of its founding partners in India.
The other members bring together founders, finance chiefs, investors, professional bodies, industry groups, stock exchanges and SEBI officials:
| Group | Members |
|---|---|
| Startup and innovation led firms | P. M. Murali of the Association of Biotechnology Led Enterprises, Umakant Soni of Bharat.1AI, Kedar Upadhye of Biocon, Pawan Kumar Chandana of Skyroot Aerospace |
| Venture capital and private equity | Siddharth Pai of 3one4 Capital, Naganand Doraswamy of Ideaspring Capital, Nishant Sharma of Kedaara Capital, M. D. Ranganath of Catamaran Ventures |
| Industry and professional bodies | Nominees of the Department for Promotion of Industry and Internal Trade, the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, the Confederation of Indian Industry and the Association of Investment Bankers of India |
| Market infrastructure and regulator | Chief Regulatory Officers of the National Stock Exchange and BSE, and the Vertical Head of SEBI Finance Department as Member Secretary |
SEBI has allowed the group to hold talks with startups and industry associations to understand sector needs. The recommendations of the group will be submitted to SEBI for consideration. SEBI has not fixed a public deadline for the report.
What Will the Working Group Examine?
SEBI has set eight terms of reference for the Working Group. The mandate covers entry, fundraising, trading and exit from the platform, along with a comparison with foreign models.
Listing Rules, Capital Raising and Investor Participation
The first part of the mandate looks at who can enter the platform and how they can raise money. The group will review existing eligibility and listing requirements and test whether they fit research stage, pre-revenue and intellectual property led firms. Many deep-tech companies cannot show profits or large tangible assets, so the test of prior holding by institutions may block genuine innovators.
The group will also review the IGP investor framework. This includes who can be an IGP investor and what safeguards should apply. The aim is to widen participation without exposing ordinary savers to risks they cannot judge.
On fundraising, the group will study the rules for public issues and offer for sale (OFS), pricing, allocation and minimum subscription. An offer for sale is a route through which existing shareholders sell shares to the public. Pricing norms decide how the issue price is fixed, while allocation and subscription rules decide how shares are divided among buyers and how much demand is needed for the issue to succeed. The group will also look at disclosure at the time of listing, governance standards and lock in needs.
Post Listing Duties, Migration and Global Practices
The second part deals with life after listing. The group will review continuing obligations on disclosure, corporate governance, trading and compliance. IGP companies trade in larger lots and face different liquidity conditions, so SEBI wants rules that suit that structure.
The group will also review migration from the IGP to the main board. At present a company listed on the IGP can move to regular trading after one year if it meets exchange conditions and conditions on shareholders, debarment, wilful default and fugitive economic offender status. For firms that meet profit, net worth and asset tests, the path is linked to mainboard financial norms. For others that do not meet those tests, migration needs a high shareholding by QIBs. The review will study whether these gates are too high or too complex.
Finally, the group will benchmark the IGP against foreign frameworks for innovative and growth stage firms. Markets such as the Nasdaq in the United States and the Growth Enterprise Market in China run dedicated tracks for young technology firms with flexible profit tests and strong disclosure. SEBI has asked the group to suggest suitable changes for India and propose amendments to the ICDR Regulations with transitional steps for implementation.
How Is IGP Different From SME and Mainboard Listing?
India now has three broad tracks for a company that wants to go public. The main board under the SEBI Listing Obligations and Disclosure Requirements follows strict profit and asset tests. The SME platform, run as NSE Emerge and BSE SME under Chapter IX of the ICDR Regulations, serves small firms with lighter size limits but still needs operating profits. The IGP under Chapter X serves technology led startups that may not have profits.
| Feature | Innovators Growth Platform | SME Platform | Mainboard |
|---|---|---|---|
| Target firm | Technology intensive startups, including pre-revenue and intellectual property led firms | Small and medium enterprises with post issue capital up to ₹25 crore | Larger firms with a track record of profits and net worth |
| Profit test | No profit needed, but 25 percent pre-issue holding by recognised investors for one year | Operating profit of at least ₹1 crore in two of the last three years, positive net worth | Net tangible assets of at least ₹3 crore and average operating profit of at least ₹15 crore over three years, with net worth of at least ₹1 crore |
| Minimum investors | At least 50 allottees in a public issue | At least 200 allottees | Large public float with wide distribution |
| Minimum ticket | Application and trading lot of ₹2 lakh | Minimum application above ₹2 lakh in two lots | No high lot barrier, retail investors can apply in small lots |
| Migration | Can move to mainboard after one year on meeting shareholder and compliance tests | Can migrate on meeting mainboard norms and exchange conditions | No migration needed |
The table shows why the IGP matters for venture capital backed firms. A space startup like Skyroot Aerospace or a biotech firm like Biocon Spin off may have strong patents and funding but no profits for years. The SME route would still ask for profits, and the mainboard would ask for a longer profit record. The IGP drops the profit test but adds an institutional backing test and a higher entry ticket to keep the risk with informed investors.
Key Takeaways
- SEBI constituted an 18 member Working Group on 4 November 2026 to review the Innovators Growth Platform under the ICDR Regulations, 2018.
- The group is co-chaired by Srini Srinivasan of IVCA and Prashanth Prakash of Accel Partners.
- The IGP began as the Institutional Trading Platform in 2015 and was renamed in 2019 for technology intensive startups.
- IGP listing needs 25 percent pre-issue holding by recognised investors for one year, with a ₹2 lakh application and trading lot and at least 50 allottees.
- SEBI was set up on 12 April 1988 and became statutory on 30 January 1992 under the SEBI Act, 1992, with headquarters in Mumbai.
