NSE Emerge Eligibility Criteria
NSE Emerge Eligibility Criteria
Official listing requirements and financial benchmarks for the National Stock Exchange (NSE) SME Platform.
Statutory Compliance
Conditions precedent to listing based on Indian statutes.
The issuer must adhere to all conditions arising from the following statutes and their subordinate instruments:
01. Professional Eligibility
Primary requirements for incorporation, capital and track record.
Incorporation
Indian Entity
Issuer must be incorporated in India under Companies Act, 1956/2013.
Post-Issue Capital
₹25 Crores
Post-issue paid-up capital (face value) must not exceed this limit.
Track Record
3 Years
For the company, promoters, or converted predecessor entity.
02. Financial Performance
Benchmarks for operating profit, net worth and cash flows.
Operating Profit (EBIDT)
₹1.00 Cr+
In any 2 out of 3 previous financial years.
Free Cash Flow (FCFE)
Positive
FCFE must be positive for at least 2 of 3 previous years.
Net Worth
Positive
Company's net worth must be in positive territory.
OFS & Convertibles
- OFS Component LimitMax 20%
- Shareholder Portfolio ExitMax 50%
No Convertibles: No outstanding convertible securities (excl. ESOPs) are allowed at the time of filing.
Promoter Lock-ins
Minimum 20% contribution locked for 3 Years post allotment.
Excess over 20% locked in phases: 50% for 1 year, 50% for 2 years.
Non-Promoter Lock-in
6 Months from date of allotment
IPO Proceeds & Financial Proof
GCP Limits
Strict Prohibition
Proceeds cannot be used for repayment of loans from promoters or related parties.
Firm Financial Arrangements
The issuer must make firm arrangements through verifiable means for:
of Finance (Excl. IPO)
Regulatory Clean Slate
- No regulatory actions against promoters.
- No Wilful Defaulters or Economic Offenders.
- No BIFR/IBC proceedings against company.
- No winding-up petition in court.
Listing Mandates
- Functional corporate website is required.
- 100% Promoter demat holding mandatory.
- Market Maker appointment for 3 years.
- 100% Issue underwriting by Merchant Banker.
Documentation Norms
- 21-day public review of SME IPO DRHP.
- Auditor certificate for fund utilization.
- Monitoring Agency if issue > ₹50 Cr.
- 6 months cooling gap for re-application.
Specialized Business Segments
NSE Emerge ExclusiveA. Technology Startups
Revenue
₹10 Cr+
Annual Growth
20%+
Pre-Issue Capital Requirement
At least 10% held by QIBs, or Angel Investor Network/PE Firm (with 25+ startups & ₹50 Cr+ investment portfolio).
B. Institutional Trading (ITP)
Dedicated segment for tech and innovative entities with significant institutional backing.
Tech/Innovation (25% QIB shareholding)
Other Entities (50% QIB shareholding)
Standard EBIDT/FCFE criteria do not apply to ITP-listed entities.
Offer Document Disclosure Requirements
Regulatory actions
Disclosure of any material disciplinary action by a stock exchange or regulator in the past year for promoters and group companies.
Financial Defaults
Defaults in payment of interest/principal to banks or financial institutions during the past three years. Auditor's Certificate required.
Litigation Record
Complete record of pending litigation for the applicant, promoters and group companies including nature and current status.
Director Integrity
Status of criminal cases or investigations against directors involving serious offences (Murder, Rape, Forgery, or Economic offences).
Min Allottees
200 Investors
At the time of allotment
Min Application
₹2.00 Lakhs+
Minimum lot size requirement
Public Float
25% Shares
Minimum post-issue shareholding
All Notifications
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