At IVCA Renewable Energy Summit 2025, Dr. Ruchi Chojer, Executive Director, Securities and Exchange Board of India (SEBI), addressed a distinguished gathering of investors, fund managers, and clean energy entrepreneurs on the evolving regulatory landscape for climate-aligned capital. Organised by the Indian Venture and Alternate Capital Association (IVCA) in partnership with Avendus, EAAA Alternatives, and Singularity Capital, the summit brought together key voices from the government, investing, and industry to accelerate India’s clean energy ambitions.
In a fireside chat with Shruti Shrivastava, Investment Director, Avaana Capital, Dr Ruchi Chojer highlighted the incredible evolution of capital markets in India. “Over the last three decades, India’s capital markets have transformed into one of the world’s top 10 equity ecosystems—resilient, inclusive, and increasingly driven by domestic participation. In the last 10 years alone, Indian companies have raised nearly ₹93 lakh crore through equity and debt, with FY 2024–25 witnessing a record ₹4.3 lakh crore in equity issuance, including ₹1.7 lakh crore via IPOs. This growth is powered not just by policy and infrastructure, but by deepening investor trust,” she said.
Dr Chojer also spoke about SEBI’s focus on strengthening transparency and investor trust: “At SEBI, our regulatory approach has focused on balancing capital formation with systemic stability and investor protection. Trust is the cornerstone of investment, and India has earned that trust.” She shared that retail participation has surged from 3.6 crore DEMAT accounts in 2019 to 19.4 crore in 2025. Meanwhile, domestic institutional ownership in listed companies has increased from 13 per cent to 20 per cent, while foreign ownership has declined from 22 per cent to 17 percent.
Commenting on the importance of capital markets in India’s clean energy journey, she said, “As India undertakes its green transition, the role of capital markets and particularly alternative investment funds (AIFs) will be critical. Financing long-gestation sectors like grid modernisation, storage, and transmission requires patient and risk-tolerant capital. SEBI has already enabled blended finance structures, allowing philanthropic and multilateral capital to invest through junior units in AIFs. This is a vital step in unlocking capital for the energy transition.”
On the sustainability front, she pointed to several pioneering initiatives taken by SEBI. Among them, the Business Responsibility and Sustainability Reporting (BRSR) framework has elevated environmental, social, and governance (ESG) disclosures in India to the level of financial reporting, making them assured, consistent, and decision-useful. “Over 1,000 companies now follow BRSR, many beyond the mandated list. SEBI is also the first regulator globally to bring ESG rating providers under a transparent regulatory framework,” she noted.
However, she emphasised that India’s clean energy transition cannot be driven by listed companies alone: “AIFs must now play a key role in driving ESG adoption among unlisted investee companies, especially as 40 per cent of AIF capital comes from foreign investors who expect alignment with global disclosure standards. We are open to proposals for ESG-labelled AIF categories, and we believe well-structured tax incentives can further catalyse investment into sectors with long-term impact and higher risk profiles.”
Looking to the future, she noted, “India will need an estimated $250 billion by 2030 to finance renewable energy, storage, and transmission. SEBI remains committed to enabling this transformation by providing regulatory clarity, reducing policy risk, and supporting innovative investment structures. Our goal is to ensure that India’s capital markets continue to serve not just as engines of growth, but also as platforms for building a sustainable, future-ready economy.”
She underscored that the moment offers a shared responsibility: “Investing in India’s clean energy future is not just a financial opportunity. It is a generational responsibility and a chance to build resilient, inclusive, and climate-conscious growth for decades to come.”
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About Indian Venture and Alternate Capital Association (IVCA)
IVCA is a not-for-profit, apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. IVCA is committed to supporting the ecosystem by facilitating advocacy discussions with the Government of India, policymakers, and regulators, resulting in the rise of entrepreneurial activity, innovation, and job creation in India and contributing towards the development of India as a leading fund management hub. IVCA represents 450+ funds with a combined AUM of over $350 billion. Our members are the most active domestic and global VCs, PEs, funds for infrastructure, real estate, credit funds, limited partners, investment companies, family offices, corporate VCs, and knowledge partners. These funds invest in emerging companies, venture growth, buyouts, special situations, distressed assets, and credit and venture debt, among others.
