Mumbai, Mar 11: Aparna Thyagarajan, Chief General Manager at the Securities and Exchange Board of India (SEBI), shared insights on the role of regulatory frameworks in fostering inclusive capital markets during a session titled “Regulation as Market Design: Enabling Women in Climate & Tech” at the IVCA Conclave 2026.
The session, held on Day 1 of the conclave, brought together leading voices from finance and policy including Shyamala Gopinath, Former Deputy Governor of the Reserve Bank of India; Nupur Garg, Founder of Winpe; and Sumesh Girhotra, Deputy Head, Capital Team at the British High Commission. The discussion focused on how thoughtful policy frameworks, improved access to capital, and stronger institutional support can help accelerate women-led innovation in sectors critical to India’s sustainable growth.
During the discussion, Aparna Thyagarajan emphasised that regulatory frameworks can play a key role in shaping inclusive capital markets and encouraging greater participation of women entrepreneurs, investors, and leaders in emerging sectors such as climate and technology.
“There is an urgent need for disaggregated data on gender diversity. You can’t fund what you can’t see — the numbers need to be put out there, and disclosure is key,” she said.
She further highlighted that strengthening policy frameworks and improving access to capital could unlock new opportunities for women-led enterprises while enabling innovative solutions in sectors essential for India’s sustainable and technology-driven future.
Addressing innovative funding mechanisms, Aparna Thyagarajan noted:
“SEBI has permitted tranching in a limited manner, and government and large multilateral institutions can come in as junior investors in blended finance structures. Blended structures could be explored as an alternative to raise capital for sustainable enterprises, where the government can take the lead and private markets can follow public capital.”
The IVCA Conclave 2026 marks the 15th edition of the flagship platform hosted by the Indian Venture and Alternate Capital Association (IVCA). The annual forum brings together policymakers, regulators, investors, and industry leaders to discuss key issues shaping the evolving landscape of alternate capital and investment in India.
The discussions at the conclave highlighted the growing importance of inclusive policy frameworks and collaborative investment models in supporting innovation, sustainability, and the participation of diverse leadership in India’s rapidly evolving financial ecosystem.
