Regulation 283 - Eligibility - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

283. Eligibility 1 [ (1) 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, provided that as on the date of filing of draft information document or draft offer document with the Board, as the case may be, twenty five per cent of the pre-issue capital of the Issuer Company for at least a period of 4 [ one year ] , should have been held by: I. Qualified Institutional Buyers; 5 [ **** ] 6 [ II ] . 8 [ Innovators Growth Platform Investors ] for the purpose of Innovators Growth Platform; 6 [ III ] . The following regulated entities: a. 3 [ 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. 7 [ (IV) Any other class of investors as specified by Securities and Exchange Board of India from time to time. ] Explanation: (a) The following entities shall be eligible to be considered as 8 [ Innovators Growth Platform Investors ] for the purpose of innovators growth platform: (i) any individual with total gross income of fifty lakhs rupees annually and who has minimum liquid net worth of five crore rupees; or (ii) any body corporate with net worth of twenty five crore rupees. 9 [ (iii) any family trust with net worth of twenty five crore rupees ] 10 [ (b) Pre-issue capital held by promoters/promoter groups, even if they are registered as Innovators Growth Platform Investors, shall not be considered for the 25% pre-issue capital eligibility requirement specified under sub-regulation (1) of regulation 283 . ] (c) For the purpose of accreditation: The persons/corporate bodies who wish to get accreditation for the purpose of innovators growth platform, shall approach the stock exchanges or depositories and follow the procedures prescribed by the Board and / or such stock exchange or depository for the purpose of accreditation as an 8 [ Innovators Growth Platform Investors ] , from time to time. ] 2 [ (2) ] An issuer shall be eligible for listing on the 11 [ Innovators Growth Platform ] if none of the promoters or directors of the issuer company is a fugitive economic offender. ************* NOTES:- 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as, (1) The following issuers shall be eligible for listing on the institutional trading platform: a) 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 and at least twenty five per cent of its pre-issue capital is held by qualified institutional buyer(s) as on the date of filing of draft information document or draft offer document with the Board, as the case may be; or b) any other issuer in which at least fifty per cent of the pre-issue capital is held by qualified institutional buyers as on the date of filing of draft information document or draft offer document with the Board, as the case may be. (2) No person, individually or collectively with persons acting in concert, shall hold twenty five per cent or more of the post-issue share capital in an entity specified in sub-regulation (1). 2. Re-numbered vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/08 dated 05-04-2019 before it was read as (3) 3. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/35 dated 23-09-2019 before it was read as, Category III Foreign Portfolio Investor 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as two years 5. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as, II. Family trust with net-worth of more than five hundred crore rupees, as per the last audited financial statements; 6. Re-Numbered vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as III IV 7. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 8. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as Accredited Investors 9. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 10. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as, (b) Not more than ten per cent of the pre-issue capital may be held by 8 [ Innovators Growth Platform Investors ] . 11. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/18 dated 05-05-2021 before it was read as institutional trading platform