Notice No.   20120622-9   Notice Date   22 Jun 2012
Category   Company related   Segment   SME
Subject   Research Reports of Listing SMEs on BSE SME Platform


                                                                                                                        BSE SME Platform
                                                                                                                        DATE: 21-06-2012
To: All Trading Members of the BSE Ltd.
SUBJECT: Research Reports of Listing SMEs on BSE SME Platform
At the initiative of SEBI to have a sponsored research program and post research reports of on websites, BSE had sought proposals last year from research agencies which have the requisite experience to provide independent, high quality and continuing research. The goal of this initiative is to create and disseminate company-specific research focused on small and mid-cap companies, which do not have any research coverage in a format accessible to the retail investor. Based on this, BSE had empanelled SEBI approved rating agencies for making the Research Reports. We are pleased to inform that the same has been extended to the BSE SME Platform and the Research Reports will be published for the listing SMEs through IPOs on BSE SME Platform.
The “Objective” of the Research coverage is to considerably improve the information availability to the investors and remove "Information Asymmetry". The Research report will focus and bring out the strength of the listing SMEs, which will be foundation for their growth. It will provide the best quality of research coverage to investors for their benefit. This initiative is to enhance BSE’s image as an investor and company friendly exchange. It is intended to motivate smaller companies/SMEs to look at BSE SME Exchange Platform as a preferred exchange.
The “Research Report” will be a short report written in simple language which can be easily decoded even by an unsophisticated retail investor. The report could range from 5-15 pages, depending on the company’s size. The Report will not be forward-looking. Updates on a quarterly basis (after announcement of the results) plus any update that may be needed due to any corporate action/event – like merger, takeover, divesture, etc. This initiative will provide fundamental research reports to the investors to enable them to take investment decisions based on this researched information disseminated through these research reports.
The “Research Report” will be condensed report and hosted on a separate page on the Research Provider’s website, BSE Website ( ) as well as BSE SME Website ( ). It will be widely circulated to all the capital market intermediaries and all the diversified class of investors for larger dissemination of information on listing SME IPOs and create awareness on the opportunities of investing on the BSE SME Platform.
There will not be any financial burden to the promoters of listing SMEs for publishing of the “Research Reports”. This will be sponsored by the BSE Ltd.
In case of any clarification on the subject matter of the Notice, please contact:
Mr. Ajay Thakur on 022-2272 8291, 9820359932 ( )
Mr. Arun Dolas on 022-2272 8144, 9820131094  ( )
Ajay Thakur
Manager, BSE SME