Mumbai, Mar 11th: Shri Ananth Narayan Gopalkrishnan, Member, SAARG Committee at the Pension Fund Regulatory and Development Authority (PFRDA), and Ex – Whole–Time Member, Securities and Exchange Board of India (SEBI), participated in a fireside chat with Gopal Jain, Managing Partner & CO-Founder, Gaja Capital titled “The Policy Roadmap for Investments in India”, on Day 2 of the Indian Venture and Alternate Capital Association (IVCA) Conclave 2026.
The session explored the evolution of India’s regulatory framework and its role in shaping a stable and credible investment environment. Shri Narayan emphasised that sustained capital formation requires policy consistency, regulatory clarity, and strong institutional foundations. He noted that over the past decade, India’s capital markets have strengthened significantly, supported by improved governance standards, enhanced disclosure norms, and deeper institutional participation.
“As I mentioned, the commitments today in AIFs are about ₹16 lakh crore. Seventy percent of those commitments are from domestic participants. This rise of the industry is just remarkable,” he said.
Speaking on the expansion of alternative investments, he observed that the growing scale of private capital reflects increasing domestic participation as well as sustained global interest in India’s long-term economic trajectory. He underscored the importance of maintaining a balanced regulatory approach, and encouraging innovation and market development while safeguarding investor protection and systemic stability.
“If you move towards 100% accredited investor model, I believe you have a strong case to make to SEBI to kill every single clause related to pari passu and pro rata, which is essentially for investor protection,” Shri Narayan observed.
Building on this, Shri Narayan further highlighted that as India seeks to deepen long-term pools of capital across asset classes, constructive engagement between regulators, policymakers, and market participants remains essential. A predictable and transparent policy environment, he stated, enables long-duration investments and supports enterprise growth, infrastructure development, and financial resilience.
Addressing the broader investment landscape, he remarked that institutional strength and regulatory credibility will continue to anchor investor confidence amid evolving global economic conditions. He added that India’s regulatory institutions have demonstrated adaptability and prudence, positioning the country as a stable destination for long-term capital.
“What you should ask SEBI is, ‘Let us as fund managers certify who is an accredited investor, and you come and inspect us later on in case we are not doing our job properly’. Then argue to the regulator that, ‘You don’t need to worry about protecting an Accredited Investor because they have the wealth, they have the savvy, and they understand markets’,” he added.
The IVCA Conclave 2026, an influential annual gathering for India’s alternate capital ecosystem, convenes policymakers, regulators, investors, and industry leaders from private equity, venture capital, credit markets, and infrastructure financing, to weigh in on the challenges and opportunities for this dynamic landscape.
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