As the funding winter wanes, Indian investors are eager for regulatory clarity to deploy their capital. The Indian Venture and Alternate Capital Association (IVCA) has proposed reforms to the Ministry of Finance, advocating for simplified regulations and parity among investment vehicles. Key demands include better tax treatment for Alternative Investment Funds (AIFs), simplification of GST, and changes to Employee Stock Ownership Plan (ESOP) taxation. There is also a push to increase domestic capital in startups by allowing various funds to invest in AIFs. These changes aim to stimulate investment as the market recovers in 2025.