In this post, authored for the reputed corporate law blog, IndiaCorpLaw, GameChanger Team Member Shwetha Chandrashekar analyses equity-based crowdfunding as an early-stage financing alternative in India in light of SEBI’s proposals. The first part of the post introduces crowdfunding and examines its benefits and risks, underlining the need for a regulatory framework. It then discusses financing avenues available to start-ups to study if existing regulatory provisions can be used to regulate crowdfunding. Finally, it critically analyzes SEBI’s Consultation Paper to understand if economic objectives of crowdfunding are fulfilled and provides recommendations on the way forward.