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NOTICES
Notice No.   20161129-2   Notice Date   29 Nov 2016
Category   Compliance   Segment   SME
Subject   Additional Eligibility Criteria for migration from SME Platform to Main Platform of BSE.
 
Content

 

 

 
BSE vide its circular dated 19th April, 2012 and 26th November, 2012 has laid down the eligibility norms for the company desiring to get listed on its SME Platform and also the guidelines for migration from SME Platform to the Main Board of BSE. In order to strengthen the same, the following additional guidelines relevant to migration from SME Platform to the Main Board of BSE:

 

  1. Where there is any SEBI debarment order against the company/its promoters/directors, such company will not be eligible to migrate from SME to Main Board of BSE till such SEBI debarment order is in force.
  2. Accordingly, companies that are seeking migration from the SME Board to the Main Board, would be required to submit an undertaking that the company / its promoters / directors have not been debarred by SEBI.
  3. Where a company has been debarred from accessing the securities market, it cannot raise any funds. However, bonus issues (not amounting to raising of funds from public) would be permitted to such extent as to NOT increase the post issue capital to beyond Rs.25 crores.
  4. However, where the Directors/Promoters of the company are debarred from accessing the securities market, then the company would be allowed to increase its capital to such extent as to NOT increase the post issue capital to beyond Rs.25 crores. It is further clarified that the debarred entities would not be eligible to participate in any such further issue of capital.
  5. While the SEBI debarment is in force against the company/its promoters/directors, it shall be mandatory for the company to appoint a trading member of BSE as a market maker even after the completion of mandatory period of three years. In case of any default during market making the penalties/actions will be imposed as per the existing guidelines.
 
In case of any clarification on the subject matter of the notice, please contact:
 
Mr. Rajan Jha on 022-2272 8893 (rajan.jha@bseindia.com )
Mr. Rupesh Kanchan on 022-22728464 (rupesh.kanchan@bseindia.com)
 
Ajay Thakur
Head- BSE SME