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Information Memorandum of RSE listed BSE IndoNext Companies
BSE IndoNext was formed to benefit small and medium size companies, the investors in these companies and the capital market as a whole.
Investors and the companies, which are listed only on Regional Stock Exchanges (RSEs) have been impacted severely, as the RSEs are recording either nil or negligible trading volumes. Investors in such small and medium companies are therefore unable to find an exit route and realize fair market value of their investments. The companies listed only at RSEs find it extremely difficult, if not impossible, to raise fresh resources from the capital markets in the absence of price discovery of their securities in the secondary market. New small and medium enterprises (SMEs) have also been unable to tap the markets to raise equity and debt, to fund their plans.
BSE LIMITED. (BSE) and the Federation of Indian Stock Exchanges (FISE) believe in igniting growth by putting the smile back on the SMEs and also allow new SMEs to bloom. Small businesses could become the backbone of our economy, and an avenue for massive employment generation.
BSE and FISE (which represents 20 RSEs), have jointly created an alternate national platform named BSE IndoNext, to enable SMEs to raise equity and debt, and facilitate trading in such companies, both old and new.
The BSE IndoNext would help the investors to reach the BSE IndoNext traded Securities in addition to the network of BSE, also through the network of about 7,000 members of RSEs, who cater to the investors in the far - flung areas of the country and, thus, contribute to the development of the capital market. BSE IndoNext thus, envisages harnessing advantages of creating a single national trading platform, with a large number of member participation, which would help achieve a fairly vibrant trading platform for SMEs.
The BSE IndoNext Segment has the following objectives:
To allow companies listed only with RSEs to raise fresh resources from the capital market, given higher liquidity in their shares.
To create liquidity in all the Securities listed on the Exchanges.
To provide an avenue for new SMEs from various regions of the country to raise fresh resources from the capital markets, which would help, achieve balanced regional growth.
To harness the infrastructure at RSEs
BSE is the Central Participating Exchange and the RSEs, which are participating in BSE IndoNext are referred to as Participating RSEs.
Governance of the BSE IndoNext Segment
BSE IndoNext is a joint initiative by BSE and Participating RSEs. In order to instill higher sense of involvement on the issues relating to management, business development, marketing and general operations of the BSE IndoNext platform, a "BSE IndoNext Council" has been constituted. This Council's duties have been defined in the Bye-laws of BSE and participating RSEs and operate under the overall supervision and control of the Governing Board of BSE.
The Council has 6 representatives from BSE and 5 representatives nominated from RSEs by FISE. BSE provides secretarial assistance and convene the meetings of this Council. The Governing Board of BSE appoints the representatives from BSE. Whereas for the initial six months the representatives from RSE were by FISE, thereafter they are selected for a year starting from every financial year, based on the highest volume generating RSEs during immediate preceding year. The meeting elects a Chairman in the beginning of the financial year, who continues chairing the meeting for the year.
The following RSEs have participated in the formation of BSE IndoNext ( referred to as the Participating RSEs).
Name of the participating RSEs
The Stock Exchange, Ahmedabad
Banglore Stock Exchange Ltd.
The Delhi Stock Exchange Association Ltd.
Madras Stock Exchange Ltd.
The Hyderabad Stock Exchange Ltd.
Inter - connected Stock Exchange of India Ltd.
Jaipur Stock Exchange Ltd.
The U.P. Stock Exchange Ltd.
The Ludhiania Stock Exchange Association Ltd.
Pune Stock Exchange Ltd.
Saurashtra Kutch Stock Exchange Ltd.
The Vadodara Stock Exchange Ltd.
Cochin Stock Exchange Ltd.
Magadh Stock Exchange Association.
Coimbatore Stock Exchange Ltd.
Guwahati Stock Exchange Ltd.
Bhubaneshwar Stock Exchange Association Ltd.
Madhya Pradesh Stock Exchange
In case, subsequently, any RSE other than the referred to above wishes to join, the same would be permitted as per the terms and conditions as laid down for other participating RSEs in formation of BSE- IndoNext
Securities which satisfies the "Guidelines for listing in BSE IndoNext" as laid down by the BSE IndoNext Council are eligible to trade in the BSE IndoNext segment. Eligible securities from the following types of companies would be included for trading in BSE IndoNext segment:
Companies listed with RSEs but not with BSE:
Companies with a minimum paid up capital of Rs. 3 crore listed with RSEs but not with BSE, would be included in the BSE IndoNext Segment. Participating RSEs may, however, decide to include the securities of a company with paid up capital above Rs. 20 crore. Securities of those companies which have violated the provisions of the Listing Agreement and the same have still not been resolved or the companies that have not paid listing fees etc., would not be eligible for inclusion in the BSE IndoNext. Also, suitable parameters would be applied to ensure that only those companies are included whose securities could otherwise be classified in "B1" and "B2" groups of BSE.
Companies exclusively listed with BSE:
Companies with a paid up capital of Rs. 3 crore listed and traded on BSE in B group on 31st March, 2004 or any subsequent date as may be decided by the BSE IndoNext Council would be eligible to be included in BSE IndoNext Segment. Since the "Z" group of BSE comprises of securities of non - complaint companies, the same would not be included in this Segment.
ELIGIBITY NORMS FOR PERMITTING TRADING UNDER IndoNext
The entry norms for including a company under BSE IndoNext are as under:
The minimum issued and paid up equity capital shall be Rs. 3 crore.
The minimum net worth shall be Rs.5 crore. (Net worth includes equity capital and free reserves excluding revaluation reserves).
A minimum 25% of company's issued capital shall be be with the non-promoter shareholders. Out of non-promoter holding, if any single shareholder individually or jointly holds with others, except for banks/FIs /FIIs /OCBs /NRIs, more than 0.5% of the paid up capital of the company, the same shall not be considered as non-promoter holding.
The minimum number of shareholders shall be 500.
The company shall have net tangible assets of at least Rs. 3 crore in each of the preceding 3 full years (of 12 months each).
The minimum turnover (excluding exceptional items and other income) shall be Rs. 5 crore in each of the preceding 3 financial years (of 12 months each).
The company shall have a track record of distributable profits in terms of Section 205 of the Companies Act, 1956, for at least 3 out of immediately preceding 5. This should exclude non- recurring income.
The company shall have signed with both depositories and mandated for compulsory demat by SEBI.