Innovators Growth Platform Investors (IGP Investors)
Innovators Growth Platform Investors 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”)
a) The following entities shall be eligible to be considered as IGP Investors
- i. Any individual with total gross income of INR 50 lakhs annually and who has minimum liquid net worth of INR 5 crores; or
- ii. Any body corporate with net worth of INR 25 crores;
- iii. any family trust with net worth of twenty five crore rupees.
- 1) Pre-issue capital held by promoters/promoter groups, even if they are registered as IGP Investors, shall not be considered for the 25% pre-issue capital eligibility requirement specified under sub-regulation (1) of regulation 283
- 2) If an issuer has issued SR equity shares (i.e. shares having superior voting rights compared to other equity shares issued by the issuer) to its promoters/ founders, the said issuer shall be allowed to make an initial public offer of only ordinary shares for listing on the Innovators Growth Platform subject to compliance with the provisions of this Chapter and continued compliance with the provisions for SR equity shares in accordance with sub-regulation (3) of regulation 6.
- 3) For other details related to listing on IGP, please refer Chapter X of SEBI (ICDR) Regulations, 2018
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 IGP Investors, from time to time
Further details on the process of accreditation of investors.
Framework for accreditation of IGP Investors
Conditions Precedent to Listing
- 1. Procedure for accreditation
- 1. The investor, having a demat account with a Depository, will make an application to the Stock Exchanges for recognition as an IGP Investor
- 2. However, Stock Exchanges shall be responsible for verification and maintenance of the IGP Investors data
- 2. Validity of Accreditation
The accreditation granted by the Stock Exchange shall be valid for a period of three years from the date of issue of such accreditation unless the IGP Investors becomes ineligible due to change in his/her/its financial status in which case such IGP Investors shall inform the Stock Exchange of such ineligibility.
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,
- 4. SEBI (ICDR) Regulations,2018, as amended, and circular issued thereunder.
Any rules and/or regulations framed under foregoing statutes, as also any circular, clarifications, guidelines issued by the appropriate authority under foregoing statutes.