National Stock Exchange of India
Circular
Department: Listing
Download Ref No: NSE/CML/65136 Date: November 19, 2024
Circular Ref. No: 2200/2024
To All Members,
Sub: Revision in Criteria for Securities Listed on other Nationwide Stock Exchanges (Direct Listing)
The Exchange has revised the eligibility criteria for existing listed companies desirous of listing its securities on NSE
main board.
In this regard, securities listed on other Nationwide Stock Exchanges (Direct Listing) shall be eligible for listing on
NSE main board, subject to such companies, fulfilling the revised eligibility criteria as detailed in Annexure I.
The said circular shall be applicable w.e.f December 01, 2024.
For and on behalf of National Stock Exchange of India Limited
Yukti Sharma
Head of Listing
ANNEXURE I
Sr. No. Particulars Eligibility Criteria
The paid-up equity capital of the applicant company shall not be less
1 Paid up Capital
than INR 10 crore at the time of filing the said application
Revenue from Operation:
Revenue from Operation* should be more than INR 1000 crore in
each of the three preceding financial years.
OR
Revenue from
2
Operation / EBITDA
EBITDA:
Positive EBITDA* in each of the three preceding financial years.
*In case consolidated figures are not available then standalone
financials shall be considered
Networth
Networth* of the applicant company shall be more than INR 75
crore in each of the three preceding financial years. The Company
shall submit a certificate from the statutory auditors in respect of
networth as stipulated above*.
Explanation 1: - Net worth Should be calculated as per the SEBI
ICDR Regulations, 2018 and any amendment thereof.
Networth / Market
3
Capitalization *In case consolidated figures are not available then standalone
financials shall be considered
OR
Market Capitalization
Average daily market capitalization of the company to be more than
INR 1,500 Crore for a 6 (six) -months period prior to the date on
which the listing application has been made.
4 Listing period The applicant company should have been listed for at least 3 years.
a) Minimum average daily turnover during last 6 months (value) -
INR 10 lakhs.
b) Minimum average daily number of trades during last 6 months
(count) – 50
c) Cooling period of 2 months from the date the security has come
out of trade-to-trade category or any other surveillance action
Trading related (excluding companies under ASM)*, by other exchanges where
5 the security has been actively listed.
parameters
d) Securities of the company should be trading above face value
during six months preceding the date of application.
*exclusion for companies under ASM is only with respect to cooling
off period.
Total number of public shareholders on the last day of preceding
6 Public Shareholders
quarter from date of application should be at least 1000.
Sr. No. Particulars Eligibility Criteria
a) That the company has not referred to the Board of Industrial &
Financial Reconstruction (BIFR) &/OR No proceedings have
been admitted under Insolvency and Bankruptcy Code against
7 Other Condition
the issuer and Promoting companies.
b) The company has not received any winding up petition admitted
by a NCLT
a) Applicant company, promoters/promoting company(ies), group
companies, companies promoted by the promoters/promoting
company(ies) (listed entity) pending investor grievance (if any)
should not be more than 30 days.
b) Defaults in respect of payment of interest and/or principal to the
debenture/bond/fixed deposit holders by the applicant company,
Redressal mechanism promoters/promoting company(ies), group companies,
8
of Investor grievance companies promoted by the promoters/promoting company(ies)
shall also be considered while evaluating a company’s
application for listing. The auditor’s certificate shall also be
obtained in this regard. In case of defaults in such payments, the
securities of the applicant company may not be listed till such
time it has cleared all pending obligations relating to the
payment of interest and/or principal.
Rejection cooling off The application of the applicant company should not have been
9
period rejected in last 6 months.
