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S.N. Particular SME Main Board
1 Eligibility‭ Minimum Post Issue Paid up capital – Rs. 3 crores. Minimum Post Issue Paid up capital – Rs. 10 crore
2 Track Record of Distribution Profits

There must be a distributable profits in 2 out of immediately preceding 3 years, OR
Net worth shall be Rs. 5 crores.
There must be profit in last year and also a distributable profits in 3 out of immediately preceding 5 years.
3 Underwriting 100% underwritten issues. Merchant bankers are required to underwrite upto 15% on their own account. Not Mandatory (Under 50% compulsory subscription to QIB’s)
4 Market Making‭ Merchant bankers are required to undertake market making for a period of 3 years. Not Mandatory

5 Time Line 3-4 Months 8-10  Months
6 Need For SEBI Approval‭ SEBI approval is not required.

SEBI approval for DRPH is a preliminary condition for IPO.
7 IPO Application Size Rs.1,00,000/- Rs.5000 – Rs.7000
8 IPO Timeframe 3 to 4 months 6 months onwards
9 Reporting Requirements Half yearly Quarterly

 

Migration from BSE SME Exchange to the Main Board of BSE:

  1. It is mandatory for the company to be listed and traded on the BSE SME Platform for a minimum period of two years.
  2. Post issue capital should be more than Rs.10‭ ‬crores and upto Rs.25‭ ‬crores.
  3. Shareholders‭’‬ approval to be sought by special resolution passed through postal ballot‭ ‬– In postal ballot,‭ ‬the votes cast by shareholders other than promoters in favour of the proposal to migrate to Main Board should be at least two times the number of votes cast by shareholders other than promoter shareholders against the proposal to migrate to Main Board.
  4. To fulfill the eligibility criteria for migration to Main Board‭ ‬-‭ ‬The companies seeking migration to Main Board of BSE should satisfy the eligibility criteria as specified in‭ ‬26‭ ‬of SEBI‭ (‬ICDR‭) ‬Regulations,‭ ‬2009‭ ‬either at the time of initial listing on SME platform or at the time of seeking migration to Main Board.‭ ‬However,‭ ‬same will not be applicable where the company had sought listing on SME platform by following the book building process and as per the requirements prescribed in‭ ‬26‭(‬2‭) ‬of SEBI‭ (‬ICDR‭) ‬Regulations,‭ ‬2009.