As it readies a new regulatory framework for startups and alternative investments, markets regulator SEBI today expanded its advisory panel, headed by IT czar N R Narayana Murthy, by appointing two new members. With new additions - Manish Kejriwal (Managing Partner of Kedaara Capital Advisors) and Arvind Mathur (President of Indian Private Equity & Venture Capital Association) - the Alternative Investment Policy Advisory Committee (AIPAC) has become a 20-member panel.
The panel includes representatives from the industry, private equity firms and start-up organisations, besides senior officials of SEBI, RBI and the Finance Ministry. To help startups tap capital markets to raise funds, Sebi is already in the process of finalising norms for listing of such companies.
The norms, which are likely to issued soon, will help startup companies raise funds from within India and stop their flight to overseas markets. For want of a price discovery within the country, many of these companies plan to get listed in Singapore or the US. The final guidelines would incorporate public suggestions to a discussion paper floated by SEBI in March.
As per its Terms of Reference, the panel would give its recommendations to SEBI (Securities and Exchange Board of India) on issues related to the further development of the alternative investment and startup ecosystem in India. It would also "advise SEBI on any hurdles that might hinder the development of the alternative investment industry under its purview".
Besides, the Committee would give inputs on "any issues which need to be taken up with other regulators for development of the alternative investment industry", along with on other matters of relevance alternative investment industry and development of the startup ecosystem.
While Infosys co-founder Narayana Murthy has been appointed Chairperson, its other members include Sanjay Nayar (Indian Private Equity and Venture Capital Association Chairman and KKR India CEO), Saurabh Srivastava (Indian Angel Network), Ajay Piramal (Piramal Group), Devinjit Singh (Carlyle Group) and Manish Chokhani (TPG Growth India). Infosys has been among the first major technology companies in India to tap the capital markets to raise funds.
According to PTI, other members include Gautam Mehra (PwC India), Akshay Mansukhani (Malabar Investments), Mani Iyer (Incube Ventures), Abid Hassan (Startup Village Fund), K E C Rajakumar (Ascent Capital Advisors), Sudhir Sethi (IDG Ventures India and iSPIRT Foundation), Sunil Godhwani (Religare Enterprises) and Gopal Srinivasan (TVS Capital Funds).
SEBI's Executive Director Ananta Barua and its General Manager Barnali Mukherjee would also be part of the panel, along with RBI's Executive Director N S Vishwanathan and Finance Ministry Deputy Secretary Nikhil Varma.
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