Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Cannot modify header information - headers already sent by (output started at /home2/franchi4/public_html/legal/system/core/Exceptions.php:271)
Maximum Post Issue Paid up capital – Rs. 25 crores
2.
Track Record of Distributable Profits
The must be a distributable profits in 3 out of immediately preceding 5 years, with the last year showing profits
The must be a distributable profits in 2 out of immediately preceding 3 years
OR
Net worth shall be Rs. 5 crores
3.
Underwriting
Not Mandatory
100% underwritten issues. Merchant bankers are required to underwrite upto 15% on their own account
4.
Market Making
Not Mandatory
Merchant bankers are required to undertake market making for a period of 3 years
5.
Time Line
8-10 months
3-4 months
6.
Need for SEBI Approval & fees
SEBI approval for DRHP is a preliminary condition for IPO.
Fees:- Based on Issue Size
Min – Rs. 25,000/- , Max – Rs. 3,00,00,000/-
SEBI approval is not required. Hence this cost is eliminated.
7.
Need for Inprinciple approval of stock exchanges & fees
There is requirement to seek in-principle approval of stock exchanges where the shares are proposed to be listed post IPO.
Processing Fees:- 0.05 % of issue size
Min – Rs. 50,000/- , Max – Rs. 25,00,000/-
In-principle approval of stock exchanges is not required.
Hence this cost is eliminated.
8.
Need for Public notice
Public notice of 1 month before opening of the offer
Public notice is not required.
9.
Minimum number of investors
Minimum 1000 investors
50 at the time of listing. No post listing continuous requirement of minimum number of shareholders
10.
Initial Listing Fees (BSE)
Rs. 20,000/-
Rs. 50,000/-
11.
Annual Listing Fees (BSE)
Based on paid up capital
Min – Rs. 15,000/-
Max – Rs. 62,50,000 plus Rs. 2500 for every increase of Rs. 5 crores or part thereof above Rs. 1000 crores
Rs. 25,000/- or 0.01% of full market capitalization, whichever is higher
12.
Fees for using the Book Building Software
Not Applicable
Based on Issue size:-
Upto Rs. 10 crores – 1 lakh Above Rs. 10 crores – 1.5 lakhs
13.
Trading Lot Size
1
Rs. 1,00,000/-
Compliance Norms
14.
Shareholding Pattern submission
Quarterly Basis
Half Yearly Basis
15.
Financial results submission
Quarterly Basis
Half Yearly Basis
16.
Publication of financial results
On Quarterly Basis, financials to be published in 1 English newspaper and 1 newspaper of regional language where the registered office of the Company is situated
No requirement of publication. Only hosting on Company’s website is sufficient
Migration Norms from Main Board to SME and Vice versa:
Migration from BSE SME Exchange to the Main Board of BSE:
It is mandatory for the company to be listed and traded on the BSE SME Platform for a minimum period of two years
Post issue capital should be more than Rs. 10 crores and upto Rs. 25 crores
Shareholders’ approval to be sought by special resolution passed through postal ballot – In postal ballot, the votes cast by shareholders other than promoters in favour of the proposal to migrate to Main Board should be at least two times the number of votes cast by shareholders other than promoter shareholders against the proposal to migrate to Main Board
To fulfill the eligibility criteria for migration to Main Board – The companies seeking migration to Main Board of BSE should satisfy the eligibility criteria as specified in 26 of SEBI (ICDR) Regulations, 2009 either at the time of initial listing on SME platform or at the time of seeking migration to Main Board. However, same will not be applicable where the company had sought listing on SME platform by following the book building process and as per the requirements prescribed in 26(2) of SEBI (ICDR) Regulations, 2009.
Migration From Main Board To SME Exchange:
Shareholders’ approval to be sought by special resolution passed through postal ballot – In postal ballot, the votes cast by shareholders other than promoters in favour of the proposal to migrate to Main Board should be at least two times the number of votes cast by shareholders other than promoter shareholders against the proposal to migrate to Main Board
Face value capital should be less than Rs. 25 crores.
All eligibility criteria of SME exchange must be fulfilled.
Comparison of Listing and Compliance Norms of SME Exchange with Main Board
