The BSE signed an MoU with the Electronics and Computer Software Export Promotion Council (ESC) on Tuesday to create awareness about benefits of listing among ICT SMEs and start-ups of the country.
The ESC is an organisation sponsored by the government with a mandate to promote export of Information and Communications Technology (ICT) sector from the country and works as a bridge between the government and industry on policy and promotional matters.
It has a strong membership of over 2,300 ICT exporters covering the entire gamut of electronics and IT industry in the areas like consumer electronics, components, instrumentation, telecommunications, computer hardware and peripherals, computer software, and IT-enabled Services.
Through this MoU, the ESC shall utilise its pan-India network of Electronics and IT Exporters and evaluate the SMEs and start-ups amongst these for listing on BSE SME and Startup exchange. The ESC shall also assist in sensitising its investor network for investing in SMEs listed on BSE SME exchange.
Besides, as a joint effort, the BSE and the ESC shall collectively host joint road shows and events across India to create awareness and promote listing of SMEs & start-ups on BSE SME & Startup exchange.
BSE SME & Startup head Ajay Thakur said: “This MoU will help us in reaching out to ESC’s pan India network of electronics and IT exporters and create greater awareness amongst the SMEs & start-ups about benefits of listing on the BSE SME & Startup platform. Considering the economic impact of Covid-19 pandemic, it will further encourage more and more SMEs & start-ups to list and raise equity capital on the exchange to expand and grow their business”.
ESC Chairman Sandeep Narula said: “SMEs, especially the IT SMEs, are now exposed to greater opportunities than ever for expansion and diversification across sectors. The Indian IT industry, despite initial hiccups, remained resilient during the current crisis and its response will go a long way in cementing stronger partnerships with global clients.”
Despite its commendable contribution to the nation’s economy, the SME sector does not get the required support and still faces a number of problems with inadequate credit, limited capital and knowledge being on the top. Institutional linkages between the BSE and the ESC will address this important issue for Indian ICT SMEs members of the Council, added Narula.
The BSE became the first stock exchange to get the approval from SEBI and had launched its SME platform on March 13, 2012. So far, 337 companies listed on BSE SME Platform have raised Rs 3,497.52 crore from the market and total market capitalisation of 337 companies as on May 25, 2021 is Rs 26,314 crore. Out of this, 99 companies have migrated to the BSE Main Board. BSE is the market leader in this segment with a market share of 61 per cent.