NSE announces revised eligibility criteria for shifting from SME platform to main board; check list of new requirements

The National Stock Exchange of India (NSE) on Thursday, April 24, revised the eligibility criteria to migrate from the NSE SME platform to the NSE main board.

To shift from NSE SME to the main board, the company's paid-up equity capital should be at least ₹10 crore, and average capitalisation should be ₹100 crore or more.

In a circular, the NSE said, "The revenue from operations should be greater than ₹100 crore in the last financial year. (The company) should have positive operating profit from operations for at least 2 out 3 financial years."

As per the revised norms, the firm should have been listed on the NSE platform for at least three years, and its public shareholders should be at least 500 on the date of application.

Furthermore, the promoter and promoter group holding should be at least 20% of the firm at the time of making an application. Additionally, "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," the NSE said.

The other conditions for shifting from the SME platform to the NSE main board are as follows:

• No proceeding under the Insolvency and Bankruptcy Code against the company or its promoter firm.
• There should be no winding-up petition admitted by NCLT/IBC.
• No material regulatory action against the firm in the last three years.
• Net worth should be ₹75 crore or more.
• No default in payment of interest or principal.
• No pending investor complaints against the applicant company in SCORES.
• No debarment of the company, promoter, or subsidiary company by SEBI.
• Cooling period of 60 days from the date the security has come out from any surveillance action.

The revised changes will be applicable from May 1, 2025.