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NSE Circular

The National Stock Exchange of India has revised the eligibility criteria for companies seeking to migrate from the NSE SME Platform to the NSE Main Board, effective May 1, 2025. Key requirements include a minimum paid-up equity capital of INR 10 crores, revenue from operations exceeding INR 100 crores, and a listing period of at least three years on the SME platform. Additional conditions involve maintaining a certain number of public shareholders, promoter holding thresholds, and compliance with regulatory standards.

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101 views3 pages

NSE Circular

The National Stock Exchange of India has revised the eligibility criteria for companies seeking to migrate from the NSE SME Platform to the NSE Main Board, effective May 1, 2025. Key requirements include a minimum paid-up equity capital of INR 10 crores, revenue from operations exceeding INR 100 crores, and a listing period of at least three years on the SME platform. Additional conditions involve maintaining a certain number of public shareholders, promoter holding thresholds, and compliance with regulatory standards.

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National Stock Exchange of India

Circular
Department: LISTING
Download Ref. No.: NSE/CML/67671 Date: April 24, 2025

Circular Ref. No.: 0680/2025

To All Members,

Sub: Revision in Eligibility criteria for Migration from NSE SME Platform to NSE
Main Board

The Exchange has revised the eligibility criteria for Migration from NSE SME Platform to
NSE Main Board.

In this regard, securities listed on NSE SME Platform shall be eligible for listing on NSE main
board, subject to such companies, fulfilling the revised eligibility criteria as detailed in
Annexure I.

The said circular shall be applicable w.e.f May 1, 2025

For and on behalf of


National Stock Exchange of India Limited

Yukti Sharma
Head – Listing

-
Continuation Sheet

Annexure – Revised Eligibility criteria for Migration from NSE SME Platform to NSE
Main Board

PARAMETER LISTING CRITERION

Paid-up equity capital is not less than INR 10 crores


and
Average capitalisation shall not be less than INR 100 crores.
PAID UP CAPITAL
& MARKET
For this purpose, capitalisation will be the product of the price (average of
CAPITALISATION
the weekly high and low of the closing prices of the related shares quoted
on the stock exchange for 3 months preceding the application date) and the
post issue number of equity shares

The revenue from operations should be greater than INR 100 Cr in the last
REVENUE FROM financial year.
OPERATION & and
EBIDTA Should have positive operating profit from operations for at least 2 out 3
financial years.

Should have been listed on SME platform of the Exchange for at least 3
LISTING PERIOD
years.

PUBLIC The total number of public shareholders should be at least 500 on the date
SHAREHOLDERS of application.

Promoter and Promoter Group shall be holding at least 20% of the


PROMOTER & Company at the time of making application.
PROMOTER
GROUP HOLDING Further, as on date of application for migration the holding of Promoter’s
should not be less than 50% of shares held by them on the date of listing.

• No proceedings have been admitted under Insolvency and Bankruptcy


Code against Applicant company and promoting company.
• The company has not received any winding up petition admitted by
NCLT/IBC.
• The net worth of the company should be at least 75 crores.
OTHER LISTING • No Material regulatory action in the past 3 years like suspension of
CONDITIONS trading against the applicant Company and Promoter by any Exchange.
• No debarment of Company/Promoter, subsidiary Company by SEBI.
• No Disqualification/Debarment of director of the Company by any
regulatory authority.
• The applicant company has no pending investor complaints in
SCORES.

-
Continuation Sheet

PARAMETER LISTING CRITERION

• Cooling period of two months from the date the security has come out
of the trade-to-trade category or any other surveillance action, by other
exchanges where the security has been actively listed.
• No Default in respect of payment of interest and /or principal to the
debenture/bond/fixed deposit holders by the applicant, promoter/
Subsidiary Company.

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