National Stock Exchange and Government of West Bengal sign MoU

MUMBAI:
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 fund raising via IPO mechanism using NSE Emerge which is the SME platform of NSE.

MOU exchanged between 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 & Rajesh Pandey, Principal Secretary, MSME & Textiles, Government of West Bengal. Sriram Krishnan, Chief Business Development Officer represented NSE for 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, workshops to guide corporates across the state for fund raising on the NSE Emerge platform and handhold companies in the listing process.

Rajesh Pandey, Principal Secretary, MSME & Textiles to the Government of West Bengal, MSME & Textile Department said: “Under the leadership of Chief Minister Mamata Banerjee, Government of West Bengal, we have been working tirelessly to grow and facilitate the MSME sector. Today at ‘Bengal Global Business Summit’, we have signed a 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 fund raising and the benefits of listing on the stock exchange.

Sriram Krishnan, Chief Business Development Officer, NSE said: “Today, at the ‘Bengal Global Business Summit’ held in Kolkata, Government of West Bengal and National Stock Exchange have entered in 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 the 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 on today, NSE’s SME Emerge platform, currently has 396 companies from various sectors, listed. Total funds raised on the platform till date is over INR 7,800 Cr. The market capitalisation of these companies has crossed 94,000 Cr. The platform has 16 companies listed from West Bengal on the SME Emerge platform and have collectively raised INR 224.43 cr.