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 1 (one) year, should have been held by:


  • I. Qualified Institutional Buyers*
  • II. Innovators Growth Platform Investors for the purpose of Innovators Growth Platform.
  • III. The following regulated entities:
    • a) Foreign Portfolio Investor.
    • b) An entity meeting all the following criteria:
      • i. It is a pooled investment fund with minimum assets under management of one hundred and fifty million USD.
      • ii. It is registered with a financial sector regulator in the jurisdiction of which it is a resident.
      • iii. 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.
      • iv. It is not resident in a country identified in the public statement of Financial Action Task Force as:
        • a) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or
        • b) 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.
  • IV. Any other class of investors as specified by Securities and Exchange Board of India from time to time.
* 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. (foreign portfolio investor other than individuals, corporate bodies and family offices;
  • 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;
  • 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
  • 13. systemically important non-banking financial companies.


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