BSE SME now has 402 companies on its platform
The Bombay Stock Exchange SME platform has crossed the milestone of 400 companies with the addition of eight small businesses on October 10.
With the listing of eight small businesses on Bombay Stock Exchange SME, the platform now has 402 listed companies.
Union Minister of Commerce and Industry, Piyush Goyal, rang the ceremonious bell in Mumbai to mark the occasion.
BSE Ltd had set up the BSE SME platform in March 2012, as per the rules and regulations laid down by the Securities and Exchange Board of India. The platform, which aims to offer an entrepreneur- and investor-friendly environment, lists Indian SMEs in the regulated and organised sector. SMEs are provided assistance in raising equity capital for their growth and expansion, thus helping them transform into full-fledged companies. Eventually, they migrate to the main board of BSE.
So far, 152 companies have migrated to the main board. The 394 companies listed earlier on the BSE SME platform have raised Rs 4,263 crore from the market; the total market capitalisation of these 394 companies as on October 07, 2022 was Rs 60,000 crore.
Representatives of the eight companies that were listed on the platform, traders, investors and industry representatives were present on the occasion. Jaipur City MP Ramcharan Bohra, BSE Chairman SS Mundra, and Head of BSE SME and Startup Platform, Ajay Thakur, were also present.
Speaking on the occasion, Piyush Goyal said, “400 companies is an important milestone for the BSE SME platform. It could become a springboard for companies to get into the main exchange.” He urged the exchange to make its ecosystem known across the world by marketing it better with the help of industrial delegations to foreign countries.
He said that SMEs are an integral part of India’s growth story and more collaboration and participation would expedite the growth of the BSE SME exchange. He also said BSE should create an interface with the startup ecosystem and encourage the growth of startups by providing them domestic capital.
The minister said India is poised to lead global growth. “Even at a business-as-usual pace, India will be a $30 trillion-$32 trillion economy when we mark 100 years of independence.” Markets have shown tremendous confidence in the India growth story, he said.
Edited by Swetha Kannan