The Securities Exchange Board of India (‘SEBI’) has at its board meeting held on June 25, 2013, inter alia approved listing of start-ups and SMEs on Institutional Trading platform (ITP) without having to make an IPO to provide easier exit options for informed investors like Angel Investors, VCFs and PE etc. and to provide better visibility, wider investor base and greater fund raising capabilities to such companies. In order to achieve the above objective SEBI has approved amendment to the SEBI (ICDR) Regulations, 2009.
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