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India proposes new regulator for startup funding

The Indian government is considering establishing a regulator for the startup funding market, Mint reported May 23, citing a note prepared by the country's Department of Economic Affairs.

The proposed regulatory body, the Alternate Markets Commission, will be responsible for framing policies for fundraising by unlisted entities, including public or private limited firms and nonprofit entities.

Under the proposal, the commission will be independent from the Ministry of Corporate Affairs or the Securities and Exchange Board of India. The economic affairs department also proposed allowing investments in companies through an online platform and removing investment limits for investors to accommodate crowdfunding.

Once the regulatory body is established, fundraising activities will be exempted from existing norms under other regulators including SEBI and the Reserve Bank of India.