Mumbai, 22nd November 2023 (GNI): India’s leading stock exchange, the National Stock Exchange (NSE) and the Government of West Bengal have signed a Memorandum of Understanding (MoU) to spread awareness amongst MSMEs of the state regarding fund raising via IPO mechanism using NSE Emerge which is the SME platform of NSE.
MOU exchanged between Shri Debashish Bandhyapadhya, Special Secretary, MSME & Textiles, Government of West Bengal and National Stock Exchange, Mumbai, today at Kolkata in the presence of Dr H K Dwivedi, Chief Secretary, Government of West Bengal & Shri Rajesh Pandey, Principal Secretary, MSME & Textiles, Government of West Bengal. Shri Sriram Krishnan, Chief Business Development Officer represented NSE for exchange of MOU. As part of the understanding, NSE with the support of the Government of West Bengal, shall conduct awareness drive through seminars, MSME camps, knowledge sessions, road shows, workshops to guide corporates across the state for fund raising on the NSE Emerge platform and handhold companies in the listing process.
Shri Rajesh Pandey, Principal Secretary, MSME & Textiles to the Government of West Bengal, MSME & Textile Department said: “Under the leadership of Hon’ble Chief Minister Smt. Mamata Banerjee, Government of West Bengal, we have been working tirelessly to grow and facilitate the MSME sector. Today at ‘Bengal Global Business Summit’, we have signed a MoU with the National Stock Exchange to encourage and support the MSMEs of our state to pursue the capital market for growth opportunities. 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 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 fund raising and the benefits of listing on the stock exchange.
Shri Sriram Krishnan, Chief Business Development Officer, NSE said: “Today, at the ‘Bengal Global Business Summit’ held in Kolkata, Government of West Bengal and National Stock Exchange have entered in a MoU to collaborate and support the growth of MSMEs via NSE Emerge and also setting up of alternative fund platform for state MSMEs. NSE Emerge enables SMEs to raise capital in an efficient manner and increase their visibility through the listing on the stock exchange. We shall organize awareness sessions for MSMEs of the state in collaboration with the Government and provide a walk-through of the fund-raising process. We urge the MSMEs in the state to come forward and avail the new source of financing through NSE Emerge.”
As on today, NSE’s SME Emerge platform, currently has 396 companies from various sectors, listed. Total funds raised on the platform till date is over INR 7,800 Cr. The market capitalisation of these
companies has crossed 94,000 Cr. The platform has 16 companies listed from West Bengal on the SME Emerge platform and have collectively raised INR 224.43 cr.
About National Stock Exchange of India Limited (NSE): National Stock Exchange of India (NSE) is the world’s largest derivatives exchange by trading volume (contracts) as per the statistics maintained by Futures Industry Association (FIA) for calendar year 2022. NSE is ranked 3rd in the world in the cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for calendar year 2022. NSE was the first exchange in India to implement electronic or screen-based trading. It began operations in 1994 and is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995, based on SEBI data. NSE has a fully integrated business model comprising exchange listings, trading services, clearing and settlement services, indices, market data feeds, technology solutions and financial education offerings. NSE also oversees compliance by trading, clearing members and listed companies with the rules and regulations of SEBI and the exchange. NSE is a pioneer in technology and ensures the reliability and performance of its systems through a culture of innovation and investment in technology.ends GNI
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