Separate IT Board for start-ups
Prompted by the interest from start-ups, the capital market authorities are seriously considering a separate IT board, an initiative that is part of a broader strategy by them to modernise market infrastructure and support digital transformation.
More than 80 start-up companies participated in ‘From Seed to Scale – Unlock Value and Potential’ organised by the Securities and Exchange Commission (SEC) on Thursday, displaying the interest of such companies to come into the capital market, Prof. Harendra Dissabandara, Chairman SEC, told the Sunday Times of Business.
Setting up a dedicated board will allow businesses to access capital markets and improve visibility without the stringent requirements of larger boards, a startup owner noted at the forum. SEC is also developing a plan to assist start-ups and venture capital funds in raising capital via the stock market, Prof. Dissabandara said. “Such a board will enhance the visibility of local start-ups and provide a formal platform for venture capital funds to raise capital.”
He said that more and more start-ups are now attracted to go public, noting that reporting actual numbers promptly is essential for them to start this process.
The board aims to cater to IT companies and start-ups facing challenges with existing platforms like “Empower” and “Diri Savi.” Its objective is to enable capital market access, enhance visibility, and foster growth by avoiding rigid listing requirements.
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