In short: On 4 November 2026, SEBI announced a Working Group to comprehensively review the Innovators Growth Platform (IGP), the framework for listing startups and innovation-led companies. The group will study eligibility, investors, listing, post-listing rules and migration to the Main Board. Its recommendations will go to SEBI for consideration; no rule has changed yet.
What has happened?
The Securities and Exchange Board of India (SEBI) has constituted a Working Group to carry out a comprehensive review of the regulatory framework for the Innovators Growth Platform. The IGP rules sit within the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which are made under the Securities and Exchange Board of India Act, 1992. The announcement was made in Press Release No. 69/2026, dated Mumbai, 4 November 2026.
SEBI explained that the startup ecosystem has changed considerably, with new enterprises emerging in deep-tech, biotechnology, semiconductors, space and other research-heavy sectors. Such businesses may have different financing needs and business models. The review aims to check whether the current framework remains relevant and effective, and to make it easier for innovation-led enterprises to reach capital markets while keeping investor protection at an appropriate level.
What will the Working Group examine?
Its Terms of Reference cover eight areas:
- Existing framework: eligibility and listing requirements, and how relevant and effective they are.
- Research-stage and innovation-led enterprises: whether the IGP suits pre-revenue, IP-led, deep-tech and other technology-intensive businesses.
- IGP investors: who is eligible, how they participate and what they must invest, with investor protection in mind.
- Listing and capital raising: public issue, offer for sale (OFS), pricing, allocation and minimum subscription.
- Post-listing rules: disclosure, governance, trading and continuing obligations.
- Migration to the Main Board: eligibility and procedure for moving from the IGP.
- International benchmarking: comparing the IGP with overseas frameworks for innovative, technology-led and growth-stage companies, and considering suitable adaptations for India.
- Recommendations and implementation: suggesting amendments, including transitional and implementation measures.
Who is on the Working Group?
- Co-Chairs: Shri Srini Srinivasan (Chairman, Indian Venture and Alternate Capital Association) and Shri Prashanth Prakash (Partner, Accel Partners).
- Industry members: representatives of industry associations, private equity, venture capital and startup or innovation-led companies, including Biocon Limited and Skyroot Aerospace Private Limited.
- Ex-officio members: 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, the Association of Investment Bankers of India, and the Chief Regulatory Officers of the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
- Member Secretary: the Vertical Head, PoD, Corporation Finance Department, SEBI.
Members may engage with startups, industry associations and other stakeholders to understand sector-specific needs and identify ways to improve access to the IGP, while maintaining market integrity and investor protection.
What does it mean legally?
A working group only studies and recommends. Nothing in the announcement changes the existing IGP rules. Any change would need SEBI to consider the recommendations and amend the regulations. The sources do not give a deadline for the group's report.
Who is affected and what should you do?
- Startups and founders in deep-tech, biotech, space and similar sectors may see eligibility and listing norms revisited in future.
- Investors in the IGP may see changes to eligibility, participation and investment requirements.
- Advisers and bankers may wish to follow the review.
No immediate action is required. Existing rules continue to apply until SEBI notifies any change. Stakeholders may wish to share their sector-specific needs with the relevant industry bodies represented on the group.
Frequently asked questions
Has the IGP framework been changed?
No. SEBI has only set up a Working Group to review it. Its recommendations will be submitted to SEBI for consideration.
What is the purpose of the review?
SEBI wants to assess whether the framework is relevant and effective, and to ease access to capital markets for innovation-led enterprises, while keeping appropriate investor protection.
Will the group look at moving from the IGP to the Main Board?
Yes. Its terms of reference include reviewing the eligibility and procedural requirements for migration from the IGP to the Main Board.