Media Release
BSE joins hands with FICCI to foster the MSME sector
Mumbai, October 7, 2019: In its endeavor to enhance the MSME and startup environment, BSE in association with FICCI organized a brainstorming session to identify the gaps in the existing policies and make suggestions for robust policies, besides promoting Udyam Saathi and Udyam Sakhi initiatives to foster the MSME sector.
The MSMEs were invited to present their summary of ideas and suggestions as well as discuss their main issues of concern to the Ministry. Some of the concerns that were identified were simplifying the MSME definitions, availability of funds which will result in improved attitude of lenders and borrowers, pull up payment delays and increasing market access for the MSMEs.
Shri. Ram Mohan Mishra, Additional Secretary and Development, Ministry of MSME, Government of India, Shri. Nirankar Saxena, Deputy Secretary General of FICCI and Shri Ashishkumar Chauhan, MD & CEO, BSE grace the occasion. Around 40 stakeholders- including 20 MSMEs participated at the event.
Shri Ashishkumar Chauhan, MD & CEO, BSE grace the occasion while addressing the delegation he emphasized the need of having vibrant ecosystem comprising of debt and equity is required to address the concerns of MSME’s.
Shri. Ajay Kumar Thakur, Head SMEs and Startups, BSE briefed the delegates that BSE is a very important stakeholder in MSME and Star Up Eco system. BSE has been the pioneer in creating the SME and Star up platform which has helped 310 SME’s in raising Rs 3300 crs. BSE will take all initiatives for the growth of SME’s and Start up eco system.
Some of the other suggestions that were presented at the session were:
· Create a database of businesses who have a chronic habit of issuing cheques that bounce
· Increase digitisation of corporate reporting: Expand scope of XBRL reporting
· Don’t give GST reporting waivers
· Digital exchange of documents in the transport industry
· Fix the rating agencies incentives linked to job creation
About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in delivery-based futures contract in gold (1 kg) and silver (30 kg).
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
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