26-Jun-2024 | 83.5675

20-Jun-2024 14:11

Lac Crs 430.32 | Tn $ 5.15


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Key Eligibility Criteria

An issuer which is intensive in the use of technology, information technology, intellectual property, data analytics, bio-technology or nano-technology to provide products, services or business platforms with substantial value addition shall be eligible for listing on the Innovators Growth Platform (IGP)

As on the date of filing of draft information document or draft offer document with the Board, as the case may be, 25% (twenty five per cent) of the pre-issue capital of  the Issuer Company for at least a period of 2 (two) years, should have been held by:

  1. Qualified Institutional Buyers*
  2. Family trust with net-worth of more than INR 500 Cr (Five hundred crore rupees), as per the last audited financial statements.
  3. Accredited Investors (AI) for the purpose of Innovators Growth Platform.
  4. The following regulated entities:
    1. Category III Foreign Portfolio Investor.
    2. An entity meeting all the following criteria:
      1. It is a pooled investment fund with minimum assets under management of one hundred and fifty million USD.
      2. It is registered with a financial sector regulator in the jurisdiction of which it is a resident.
      3. It is resident of a country whose securities market regulator is a signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to Bilateral Memorandum of Understanding with the Board.
      4. It is not resident in a country identified in the public statement of Financial Action Task Force as:
        1. a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or
        2. a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.

* The detailed classification of Qualified Institutional Buyer as mentioned in the ICDR – April 2019 is as below:

  1. a mutual fund, venture capital fund, alternative investment fund and foreign venture capital investor registered with the Board;
  2. a foreign portfolio investor other than Category III foreign portfolio investor, registered with the Board;
  3. a public financial institution;
  4. a scheduled commercial bank;
  5. a multilateral and bilateral development financial institution;
  6. a state industrial development corporation;
  7. an insurance company registered with the Insurance Regulatory and Development Authority of India;
  8. a provident fund with minimum corpus of twenty five crore rupees;
  9. a pension fund with minimum corpus of twenty five crore rupees;
  10. National Investment Fund set up by resolution no. F. No. 2/3/2005-DDII dated November 23, 2005 of the Government of India published in the Gazette of India;
  11. insurance funds set up and managed by army, navy or air force of the Union of India; and
  12. insurance funds set up and managed by the Department of Posts, India; and

systemically important non-banking financial companies.

Accredited Investors (AI)

Accredited Investors (AIs) for the limited purpose of IGP are investors whose holding in the Issuer Company, is eligible for the computation of at least 25% of the pre-issue capital in accordance with Regulation 283.(1) of the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”)

The following entities shall be eligible to be considered as AIs

  1. Any individual with total gross income of INR 50 lakhs annually and who has minimum liquid net worth of INR 5 crores; or
  2. Any body corporate with net worth of INR 25 crores

Not more than 10% (ten percent) of the pre-issue capital may be held by Accredited Investors

The persons /corporate bodies who wish to get accreditation for the purpose of IGP shall approach the stock exchanges and follow the procedures prescribed by the Board and / or such stock exchange for the purpose of accreditation as an AI, from time to time.

Click here for further details on the process of accreditation of investors.

Conditions Precedent to Listing

The Issuers on IGP shall have adhered to conditions precedent to listing as emerging, inter-alia, from

  1. Securities Contracts (Regulations) Act 1956,
  2. Companies Act 2013,
  3. Securities and Exchange Board of India Act 1992,

Any rules and/or regulations framed under foregoing statutes, as also any circular, clarifications, guidelines issued by the appropriate authority under foregoing statutes.

Updated on: 03/01/2023