The National Stock Exchange (NSE) on Wednesday announced signing a memorandum of understanding (MoU) with the Government of West Bengal to spread awareness among MSMEs in the state regarding fundraising via the IPO mechanism using NSE Emerge, the SME platform of NSE.
Under the MoU, signed on the sidelines of the Bengal Global Business Summit, NSE with state government support will conduct awareness drive through seminars, MSME camps, knowledge sessions, road shows, and workshops to guide enterprises across the state for fundraising on the NSE Emerge platform and handhold companies in the listing process.
Rajesh Pandey, Principal Secretary, MSME & Textiles to the Government of West Bengal, MSME & Textile Department said, “Listing on the capital market shall help them raise capital to fuel their growth story. This shall provide an opportunity to showcase their business to a larger set of investors through the NSE Emerge platform. As a part of the MOU, we shall facilitate and jointly conduct awareness sessions for the MSMEs to help them understand the process of fundraising and the benefits of listing on the stock exchange.”
According to the data from the MSME Ministry’s Dashboard, West Bengal had 8.21 lakh Udyam-registered MSMEs, as of Wednesday. The highest count of 99,373 MSMEs were based on North 24 Paraganas followed by 94,554 in Kolkata, and 63,282 in South 24 Paraganas.
Sriram Krishnan, Chief Business Development Officer, NSE said that NSE and state government will also set up an alternative fund platform for state MSMEs as per the MoU. “We urge the MSMEs in the state to come forward and avail the new source of financing through NSE Emerge,” he said.
To boost SME listing, the Odisha government also in September had announced a one-time grant or financial assistance of up to 2 per cent of the total capital raised by the company from NSE or BSE or 20 per cent of the expenditure incurred for raising capital from NSE or BSE, subject to a ceiling of Rs 10 lakh on successful listing.
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