BSE raises bar for SME to mainboard migration with higher profit, shareholder requirements
BSE Limited
on Monday strengthened the eligibility norm for listed SME companies for migration to
mainboard category
by enhancing the requirement of
operating profitability
to Rs 15 crores for last 3 financial years with minimum operating profit of Rs 10 crores in each of these financial years. It has also raised minimum number of
public shareholders
to 1,000 from 250.
The previous criteria for
SME migration
to mainboard was positive operating profit for at least 2 out of 3 financial years.
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"As a responsible market infrastructure institution (MII) and a front-line regulator, BSE continues to strengthen its
regulatory framework
to enhance
market integrity
, investor confidence and economic growth. In line with this ethos, BSE has further strengthened the eligibility norms for both SME companies seeking migration to Main Board and for companies listed on other recognized stock exchanges seeking direct listing. The move is aimed at promoting transparency, disclosure and thereby improve the quality of listings," a BSE release said.
The rule will also apply to companies listed on other recognised stock exchanges and seeking direct listing on the BSE.
The exchange has further mandated market liquidity criteria where entity seeking to be on mainboard through migration/direct listing are required to have witnessed trading of at least 5% of the weighted average number of equity shares listed during past six months. The should also be trading on at least 80% of days during this 6 months period.
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Moreover, companies are also required to have net tangible assets of at least Rs 3 crores in each of the last 3 financial years and should have compliance track record for 3 years.
More to come...
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