START-UPs PART OF INDIA’S GROWTH STORY: SEBI CHAIRMAN

START-UPs PART OF INDIA’S GROWTH STORY: SEBI CHAIRMAN

START-UPs PART OF INDIA’S GROWTH STORY: SEBI CHAIRMAN

 

No.PR-112
October 12, 2015
New Delhi

 

START-UPs PART OF INDIA’S GROWTH STORY: SEBI CHAIRMAN
 

Chairman, Securities and Exchange Board of India (SEBI), Mr. U K Sinha on Monday said that the capital market regulator 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 here today, Mr. Sinha said, “that 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 Mr. 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 here.
 

The Executive Director, Corporation Finance Department, SEBI, Mr. 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, Mr. Alok B. Shriram and its Capital Market Committee Chairman, Mr. Prithvi Haldea complimented the SEBI under the leadership of Mr. 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, Mr. Ravi Varanasi; Head, BSE SME Platform, BSE Ltd., Mr. Ajay Thakur; Managing Director, Kotak Mahindra Capital Co. Ltd., Mr. S Ramesh; Group Managing Director, Pantomath Advisory Services Group, Mr. Mahavir Lunawat; Co-Founder & GC Member, iSPIRT Foundation, Mr. Sharad Sharma and Fellow, iSPIRT Foundation, Mr. Sudhir Singh.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)