The Securities and Exchange Board of India (SEBI) has approved a fresh set of listing norms specifically tailored for technology-driven public limited companies, aiming to encourage more tech startups and innovation-led firms to tap into the public capital markets. These new norms will take effect from the second quarter of the 2025–26 fiscal year and are designed to address the unique financial and structural characteristics of tech-based companies, including those with high growth but limited profitability. The framework has been launched under a new listing platform titled Innovators Growth Platform (IGP) 2.0, a revamped version of the earlier regime.

Under the revised guidelines, tech-based companies can now list with a minimum of ₹25 crore post-issue paid-up capital, compared to the standard ₹100 crore required under the main board. SEBI has also reduced the lock-in period for pre-IPO investors to six months and allowed greater promoter flexibility, including the absence of a mandatory promoter group structure. Companies will be permitted to allocate up to 75% of the issue size to institutional investors, with only 25% reserved for retail, offering greater confidence and price stability in early trading stages.

Importantly, SEBI has also introduced relaxed profitability and net worth criteria. Companies no longer need to demonstrate three years of profits to qualify for listing; instead, they must have a proven track record of innovation or technology-based business models, validated by institutional backers or sectoral growth indicators. Disclosures in offer documents will focus more on business scalability, risk appetite, and governance structure. Analysts have praised these reforms as a progressive shift that could unlock India’s tech ecosystem and accelerate public listings for fintech, SaaS, biotech, and deep-tech companies seeking capital for expansion.