Kolkata, August 2018: The National Stock Exchange of India Limited (NSE) on Monday signed an MoU with the Department of MSME & Textiles, Government of West Bengal for supporting and facilitating the culture of alternate sources of funding through equity among the small and medium sector enterprises in the state.
The MoU was signed by Ms Debarati Dutta Gupta, Special Secretary, Department of MSME & Textiles, Government of West Bengal and Mr Tojo Banerjee, Regional Head- NSE in presence of Ms Mamata Banerjee, Honorable Chief Minister of West Bengal at the West Bengal State MSME conclave: “Taking Bengal MSME’s to the next level”.
“Taking Bengal MSME’s to the next level”, the West Bengal State MSME conclave was inaugurated earlier today by the Ms Mamata Banerjee, Honorable Chief Minister of West Bengal and would continue until tomorrow, 21st August, 2018. The two-day event is a multi-dimensional event promoting interaction with MSME stakeholders and offering customized services to MSME business needs.
The Department of MSME & Textiles, Government of West Bengal has taken the initiative to engage the National Stock Exchange with all industry associations and chamber bodies, so that large number of SME’s in the state of West Bengal can be encouraged to explore alternate sources of funding and help list on Emerge platform of NSE. This initiative by Department of MSME & Textiles, Government of West Bengal in collaboration with NSE is just the beginning of their journey towards the objective of getting 100 SME’s from West Bengal, listed on NSE Emerge platform by 2020.
The National Stock Exchange of India Ltd is one of the key stakeholders at the West Bengal State MSME conclave. NSE Emerge has a total of 168 SMEs, listed on the platform with total capital raise of INR 2,597 cr. NSE Emerge platform has already gained significant prominence as source of equity funding among MSME’s in West Bengal too. Currently, six companies from varied industries in the state are listed on NSE Emerge platform with total funds raised standing approximately at INR 44 crores etc. Also, approximately 15 new companies plan to get listed on NSE Emerge platform over the next one year.
The Government of West Bengal in association with NSE is providing incentives to help build capacity and facilitate the SMEs in the state to list on the NSE Emerge platform. In addition to organizing series of hand-holding workshops and seminars to create awareness amongst the SMEs in the state to get listed, NSE would also get SMEs to enroll on its Capital Markets Program, which shall include physical & virtual participation. SMEs in the state would benefit as they would not only tap domestic capital markets to leverage alternative option for access to capital for expansion and growth, but also gain visibility at the national level.
NSE shall play an active role in nurturing the start-ups and SME companies by increasing awareness along with the Department of MSME & Textiles, Government of West Bengal on the opportunities to raise capital, SME exchange guidelines, listing processes, compliances with listing agreement, etc. They would also provide information relating to support service providers like merchant bankers, registrar and transfer agent, depositories and other intermediaries and the required services. The SMEs would be assisted to conduct road shows and seminars to market any of their public issues to the investing community. NSE would provide certification modules to ensure that the compliance officer/ chief financial officer of these SMEs are well versed with pre/post listing regulatory processes and compliance obligations of a listed company.