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 fundraising 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 the 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, and workshops to guide corporates across the state for fundraising 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 the ‘Bengal Global Business Summit’, we have signed an 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 fundraising 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, the Government of West Bengal and the National Stock Exchange have entered into 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 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 of today, NSE’s SME Emerge platform currently has 396 companies from various sectors, listed. The total funds raised on the platform to date is over INR 7,800 Cr. The market capitalization of these companies has crossed 94,000 Cr. The platform has 16 companies listed from West Bengal on the SME Emerge platform and has collectively raised INR 224.43 cr.
