India`s leading stock exchange, the National Stock Exchange (NSE) and the Government of Uttar Pradesh 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 Shri Raj Kamal, IAS, Managing Director of UPSIC, Government of Uttar Pradesh and Ms. Nidhi Maheshwari, Senior Manager, National Stock Exchange, today at Lucknow in presence of Shri Alok Kumar, IAS, Principal Secretary, Department of MSME and Export Promotion, UP and Shri Pranjal Yadav, Secretary, Department of MSME and Export Promotion, UP.
As part of the understanding, NSE with the support of the Government of Uttar Pradesh, 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.
Shri Raj Kamal, IAS, Managing Director of Industries, UPSIC, said: Under the leadership of Honourable Chief Minister of Uttar Pradesh, Shri Yogi Adityanath and under the guidance of Minister of Industries, Govt of Uttar Pradesh, Shri Rakesh Sachan, we have been striving to provide a conducive ecosystem for the MSMEs of our state to further grow their businesses and create attractive business model which attracts investment opportunities globally. Today, a step to propel this growth story, we have signed a MOU with the National Stock Exchange to encourage MSMEs from the state of Uttar Pradesh to tap capital markets via the NSE Emerge platform and raise funds via IPO. NSE Emerge as a platform provides an alternate source of investment raising opportunity for growing SMEs. NSE Emerge platform provides MSMEs to access public capital along with an opportunity for enhanced visibility and credibility. As a part of the MOU, Government of Uttar Pradesh and NSE shall jointly conduct awareness sessions and campaigns amongst the MSMEs to better understand the process of listing on the stock exchange and its related benefits.
Shri Sriram Krishnan, Chief Business Development Officer, NSE said: Today, Government of Uttar Pradesh and National Stock Exchange have entered in a MoU to collaborate and support the growth of MSMEs via NSE Emerge 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 on today, 612 companies from various sectors are listed on NSE Emerge platform and have collectively raised over INR 17,003 Crs. The total market capitalisation of these companies is approximately INR 1,76,565 Crs.