The Bombay Stock Exchange has reportedly postponed the launch of its new platform under BSE SME which was focused on listing startups. The launch was earlier scheduled on 9th of July but could not be taken forward. However, the reason for the same has not been disclosed yet.
BSE was launching the platform for the basic purpose of listing fresh companies in sectors like IT, ITES, biotechnology and life sciences, 3D printing, space technology and e-commerce to give a boost to startups.
“BSE has decided to postpone the split of the BSE startup sub-segment from BSE SME segment. Startups will continue to list on BSE SME segment as usual. These startups will have the option to migrate to BSE startup segment once BSE startup segment is launched,” BSE said in a circular.
The officials from the department informed that the launch of BSE Startup platform may now take place after 14 to 15 days. In a June 21 circular, the exchange had announced BSE startup platform in its SME (small and medium enterprise) segment in order to provide further incentive to startups.
According to the criteria, the companies are required to have a pre-issue paid up equity share capital of a minimum of Rs 1 crore. The existence duration of the company should be for a minimum period of three years on the date of filing the draft prospectus with BSE. Apart from this, the company’s net worth should not be negative.
And now that the launch has been postponed, the startups like IndiaMart and SaleBhai that were about to issue their IPO under the BSE startup platform, will have to wait for a few more days now. So far there has been no further updates regarding the reason for the postponement of the launch of startup platform.