Saurabh Gupta | 12 Oct, 2015
Chairman, Securities and Exchange Board of India (SEBI), U K
Sinha has said that the capital market regulator (SEBI) is trying its best to
create conducive climate for start-ups to fuel India's growth story by way of
restricting their migration to countries such as Singapore and USA.
Delivering his key note address at an Interactive Session on Start-up & SME
IPOs under aegis of PHD Chamber of Commerce and Industry in New Delhi on Monday,
Sinha said, "Start-up and SME IPOs have begun to develop in India. The perception, however, is building that
start-ups are flying away from India and better performing wooing investments
in countries like USA and Singapore but this remains a perception at a time
when such a thing has begun to happen."
This will change in due course and India will shortly begin witnessing
sufficient conducive conditions and climate for start-ups to stay put in India
and diversify their operations from being based here, added Sinha pointing out
that SEBI would recommend even tax concessions for these start-ups to the
government as the institution can only make suggestions as mooted by the PHD
Chamber of Commerce and Industry.
The SEBI Chairman said that close to 8,000 foreign portfolio investors were
registered with India which showed the strength of its capital market which is
one of the best in the entire globe and similar trend would pick up under which
the start-ups exodus outside India would stop and a vast majority of them would
prefer to work from here as already a good number of them are operating from
The Executive Director, Corporation Finance Department, SEBI, P K Nagpal in his
observations felt that the SEBI has already come out with guidelines for
listing SME IPOs provisions and they should conduct their IPO preparations in a
manner so that the interest of all the stakeholders in it are protected.
In theirs remarks, President, PHD Chamber, Alok B. Shriram and its Capital
Market Committee Chairman, Prithvi Haldea complimented the SEBI under the
leadership of Sinha for undertaking host of reforms and taking the capital
market to new heights in the last couple of years.
Among others who participated in the Session comprised Chief-Business
Development, National Stock Exchange of India, Ravi Varanasi; Head, BSE SME
Platform, BSE Ltd., Ajay Thakur; Managing Director, Kotak Mahindra Capital Co.
Ltd., S Ramesh; Group Managing Director, Pantomath Advisory Services Group, Mahavir
Lunawat; Co-Founder & GC Member, iSPIRT Foundation, Sharad Sharma and
Fellow, iSPIRT Foundation, Sudhir Singh.