Union Commerce and Industry Minister Shri Piyush Goyal attended the Listing Celebration of the 400th company in BSE SME Platform in Mumbai on Monday.
With the listing of eight new companies in the exchange's SME platform, the BSE SME platform has achieved the milestone of 400 listed companies. Union Minister Piyush Goyal rang the ceremonious bell to mark the special occasion.
BSE Ltd has set up the BSE SME Platform in March 2012 as per the rules and regulations laid down by SEBI. BSE SME Platform offers an entrepreneur and investor friendly environment, which enables the listing of SMEs from the unorganized sector scattered throughout India, into a regulated and organized sector.
The listed SMEs step into the threshold of BSE SME Platform and foray in to the world of finance for further growth and development.
BSE SME assists these SMEs to raise equity capital for their growth and expansion and thus help them blossom into full-fledged companies and in due time, enable them to migrate into the Main Board of BSE as per the existing rules and regulations.
Union Commerce and Industry Minister said, "400 companies is an important milestone for BSE SME platform". "BSE SME could also become a springboard for companies to get into the main exchange", he further added.
Stating that the BSE SME platform has huge potential, he urged the exchange to get this ecosystem known across the world. "We need to market it better, also need to sensitize international investors; the international funds too need to get to know about this exchange".
He suggested that the Bombay Stock Exchange could send either some representative from the exchange or some companies listed on the exchange to be a part of industry delegations to foreign countries, so that more international investors partake in the activities of the exchange.
He said that SMEs are an integral part of the India growth story and that more collaboration and participation will add speed to the growth of this BSE SME exchange.
In this context, the Minister also said, "We have more than 100 unicorns, many soonicorns are on the way to becoming unicorns, Commerce and Industry Ministry could help forge partnership between BSE and startup ecosystem. This will be good for both, help startups grow faster and help BSE enlarge platform".
Speaking about the huge potential of this exchange, the Commerce and Industry Minister also said, "Mumbai is the place from where we hope the SME sector will get new wings, raise more capital and truly become an international centre enabling more SMEs to ramp up their growth faster".
He also suggested, "BSE SME platform can look at setting up a platform at GIFT City".
Union Minister also urged BSE at creating an interface with the startup ecosystem. This will help them grow faster and encourage domestic capital into the startups.
"Indian investors are able to hold the Indian market strong. This has demonstrated the equity culture and that capacity of Indian investors to take risks has increased". BSE could also offer technology services to the companies which could add lustre to the SME exchange, he added.
Speaking about India's growth story, he said, nowhere in the world do we have the opportunity of the size and scale that India offers today. "Going forward, India will lead global growth.
The world is excited and bullish about the India growth story. They are looking at us with confidence, hope and commitment. Even on a business-as-usual pace, India will be a USD 30-USD 32 trillion dollar economy when we mark 100 years of Independence".
Markets have shown tremendous confidence in the India growth story, he added.
The Minister also charted out the requirements for an enabling environment for growth. It includes:
Greater engagement with technology
Reducing compliance burden
Decriminalization of laws
Promoting innovation
Improving logistics infrastructure
Free Trade Agreements
The Minister also mentioned that Government aimed for an orderly revival from the pandemic and industry has shown tremendous resilience. "We have reasonably handled the current geopolitical situation in light of the Russia-Ukraine conflict".
The representatives of the eight companies which were listed today, 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 Start-up Platform Ajay Thakur were also present.
So far, 152 companies have migrated to the main board. The 394 companies listed on BSE SME Platform have raised Rs.4,263.00 crore from the market and total market capitalization of 394 companies as on October 07, 2022 is Rs. 60,000 Crore. BSE is the market leader in this segment with a market share of 60 percent.
