SEBI Constitutes Working Group to Review the Innovators Growth Platform Framework

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.

Page 1 of 43. 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.

Name and designation Category Capacity No.

A. Representation from the Industry Shri Srini Srinivasan,

1. Chairman, Indian Venture and Industry Association Co-Chair Alternate Capital Association Shri Prashanth Prakash,

2. Private Equity Co-Chair Partner, Accel Partners Dr. P. M. Murali,

3. President, Association of Industry Association Member Biotechnology Led Enterprises Shri M. D. Ranganath,

4. Private Equity Member Chairman, Catamaran Ventures Page 2 of 4Shri Umakant Soni, Start Up/Innovation

5. Member Co-Founder, Bharat.1AI Led Company Shri Kedar Upadhye, Start Up/Innovation

6. Chief Financial Officer, Biocon Member Led Company Limited Shri Pawan Kumar Chandana, Start Up/Innovation

7. Co-Founder & CEO, Skyroot Member Led Company Aerospace Private Limited Shri Siddharth Pai,

8. Venture Capital Member Founding Partner, 3one4 Capital Shri Naganand Doraswamy,

9. Founder and Managing Partner, Venture Capital Member Ideaspring Capital Shri Nishant Sharma,

10. Founder and Managing Partner, Private Equity Member Kedaara Capital B. Appointed in Ex-Officio Capacity Department for Additional Secretary or any person

11. Promotion of Industry Member nominated by Additional Secretary and Internal Trade The Institute of President or any person nominated by

12. Chartered Member President Accountants of India The Institute of President or any person nominated by

13. Company Member President Secretaries of India President or any person nominated by Confederation of

14. Member President Indian Industry Page 3 of 4Association of Chairman or any person nominated by

15. Investment Bankers Member Chairman of India National Stock

16. Chief Regulatory Officer Exchange of India Member Limited Bombay Stock

17. Chief Regulatory Officer Member Exchange Limited Vertical Head, PoD, Corporation Corporation Finance Member

18.

Finance Department Department, SEBI 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 Page 4 of 4