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On 5th April, 2019, SEBI has notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019. Further, SEBI has come up with relaxing norms for listing of new-age venture start-ups which operates in e-commerce, data analytics, biotechnology, and nanotechnology sectors to raise funds and get their shares traded on stock exchanges.
Any issuer or issuer company which is intensive in the use of
to provide products, services or business platforms with substantial value addition, shall be eligible for listing on the Innovators’ Growth Platform.
Provided that as on the date of filing of draft information document or draft offer document with the board:
25 % of the pre-issue capital of the issuer company for at least a period of 2 years, should have been held by:
Also, Read: SEBI Proposed Strict Norms for Disclosure of Auditors of Listed Companies.
Firstly, he shall file a draft information document along with the necessary documents with the Board in accordance with these regulations along with the fee as specified in Schedule III of ICDR regulations. Moreover, the draft information document shall contain disclosures as specified for the draft offer documents in Securities and Exchange Board of India ICDR regulations as specified in Part A of Schedule VI.
The minimum number of allottees shall be at least 50.
The allotment to institutional investors as well as non-institutional investors shall be on a proportionate basis.
The entire pre-issue capital of the shareholders shall be locked-in for a period of 6 months from the date of allotment in case of listing pursuant to a public issue or date of listing in case of listing without a public issue.
An issuer that has listed its specified securities on a recognized stock exchange may at its option migrate to the main board of that recognized stock exchange after the expiry of three years from the date of listing. However, this must be subject to compliance with the eligibility requirements of the stock exchange.
The notification released by the SEBI can be read here
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