Section 283 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
283. Eligibility.
- [(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 two years, should have been held by:I. Qualified Institutional Buyers;II. Family trust with net-worth of more than five hundred crore rupees, as per the last audited financial statements;III. Accredited Investors for the purpose of Innovators Growth Platform;IV. 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.Explanation. - (a) The following entities shall be eligible to be considered as accredited 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.(b)Not more than ten per cent of the pre-issue capital may be held by Accredited Investors.(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 Accredited Investor, from time to time.](2)[] [Renumbered '(3)' by Notification No. SEBI/LAD-NRO/GN/2019/08, dated 5.4.2019 (w.e.f. 11.9.2018).] An issuer shall be eligible for listing on the institutional trading platform if none of the promoters or directors of the issuer company is a fugitive economic offender.
