4 days ago
Seven Capital Market Reforms for India’s Next Growth Phase
Sunil Sanghai says India already has a strong and well-regulated capital market.
He believes the market should become easier and faster for companies and investors to use.
He suggests making IPO approvals quicker and reducing repeated financial paperwork.
He also wants investors with convertible securities to have more flexibility during an IPO.
Another idea is to reconsider open-offer rules when a company’s existing controller buys more shares without gaining new control.
He says merger approvals should avoid asking several institutions to review the same issues repeatedly.
Global investors should be able to complete digital paperwork and onboarding more easily.
Finally, he wants newer infrastructure investments to fit into suitable REIT and InvIT rules while keeping investor protections in place.
Sunil Sanghai proposes seven reforms to make India’s capital market more competitive, predictable, and responsive.
He calls for faster IPO approvals and simpler disclosure requirements based primarily on audited financial statements.
He recommends greater flexibility for pre-IPO convertibles and a rethink of open-offer triggers for creeping acquisitions without a change in control.
Sanghai argues that corporate restructuring approvals should be coordinated to reduce duplication and delay.
He also proposes easier global-investor onboarding and broader, more equity-market-aligned frameworks for REITs and InvITs.
- Who
- Sunil Sanghai, founder and CEO of NovaaOne Capital Pvt. Ltd., presented the proposals in the context of discussions involving policymakers, regulators, market participants, and professionals.
- What
- Seven proposed areas of reform for India’s capital market, covering IPOs, convertibles, acquisitions, restructuring, foreign-investor onboarding, and REIT and InvIT regulation.
- Where
- At FICCI’s CAPAM 2026, concerning India’s capital market.
- When
- The proposals were discussed in connection with FICCI’s CAPAM 2026 earlier this week.
- Why
- To make capital raising, investment, transaction structuring, and corporate restructuring more efficient and competitive while preserving investor protection and market integrity.
Key facts
- Author
- Sunil Sanghai, Founder and CEO of NovaaOne Capital Pvt. Ltd.
- Forum
- FICCI’s CAPAM 2026
- Number of proposals
- Seven reform areas
- IPO proposals
- Faster processing and simpler disclosure requirements centered on audited financial statements
- Investor access
- Greater acceptance of globally recognized digital signatures, documentation, and onboarding systems for FPIs
- Corporate restructuring
- Reduced duplication among stock exchanges, Sebi, shareholders, creditors, and the NCLT
- Investment vehicles
- Potentially broader InvIT coverage and closer alignment of REIT and InvIT rules with equity-market and takeover frameworks
Sources
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