Table 3-1: Listing Criteria for Companies on the CM Segment of NSE

Criteria Initial Public Offerings (IPOs) Companies listed on other exchanges

Paid-up Equity Capital PUEC ≥`10 Crores and MC ≥ ` 25 Crores PUEC ≥ ` 10 Crores and MC ≥ ` 25 Crores OR
(PUEC)/Market Capitalisation PUEC ≥ ` 25 Crores OR
(MC) /Net Worth MC ≥ ` 50 Crores OR
The company shall have a net worth of not less than ` 50
crores in each of the preceding three financial year

Company/Promoter's Track Atleast 3 years track record of either Atleast three years track record of either
Record a) the applicant seeking listing OR
b) the promoters/promoting company a) the applicant seeking listing; OR
incorporated in or outside India OR b) the promoters/promoting company, incorporated in or
c) Partnership firm and subsequently outside India.
converted into Company not in existence as
a Company for three years) and approaches
the Exchange for listing. The Company
subsequently formed would be considered
for listing only on fulfillment of conditions
stipulated by SEBI in this regard.

Dividend Record / Net worth / -- Dividend paid in at least 2 out of the last 3 financial years
Distributable Profits immediately preceding the year in which the application
has been made OR The networth of the applicants
atleast ` 50 Crores OR The applicant has distributable
profits in at least two out of the last three financial yea`

Listing Listed on any other stock exchange for at least last three
years OR listed on the exchange having nationwide
trading terminals for at least one year.

Other Requirements
(a) No disciplinary action by other stock
exchanges/regulatory authority in past 3
years
(b) Satisfactory redressal mechanism for
investor grievances,
(c ) distribution of shareholding
(d) details of litigation record in past 3
years
(e) Track record of Directors of the Company
(a) No disciplinary action by other stock
exchanges/regulatory authority in past 3 years
(b) Satisfactory redressal mechanism for investor
grievances,
(c ) distribution of shareholding and
(d) details of llitigation record in past 3 years
(e) Track record of Directors of the Company
(f) Change in control of a Company/Utilisation of funds
raised from public

Note:
1.(a) In case of IPOs, Paid up Equity Capital means post issue paid up equity capital.
(b) In case of Existing companies listed on other exchanges, the existing paid up equity capital as well as the paid up equity capital
after the proposed issue for which listing is sought shall be taken into account.

2. (a) In case of IPOs, market capitalisation is the product of the issue price and the post-issue number of equity shares.
(b) In case of case of Existing companies listed on other stock exchanges the market capitalisation shall be calculated by using a 12
month moving average of the market capitalisation over a period of six months immediately preceding the date of application. For the
purpose of calculating the market capitalisation over a 12 month period, the average of the weekly high and low of the closing prices of
the shares as quoted on the National Stock Exchange during the last twelve months and if the shares are not traded on the National
Stock Exchange such average price on any of the recognised Stock Exchanges where those shares are frequently traded shall be taken
into account while determining market capitalisation after making necessary adjustments for Corporate Action such as Rights / Bonus
Issue/Split.

3. In case of Existing companies listed on other stock exchanges, the requirement of ` 25 Crores market capital shall not be applicable to
listing of securities issued by Government Companies, Public Sector Undertakings, Financial Institutions, Nationalised Banks, Statutory
Corporations and Banking Companies who are otherwise bound to adhere to all the relevant statutes, guidelines, circulars, clarifications
etc. that may be issued by various regulatory authorities from time to time

4. Net worth means paid-up equity capital + reserves excluding revaluation reserve - miscellaneous expenses not written off - negative
balance in profit and loss account to the extent not set off.

5. Promoters mean one or more persons with minimum 3 years of experience of each of them in the same line of business and shall be
holding at least 20 % of the post issue equity share capital individually or severally.
6. In case a company approaches the Exchange for listing within six months of an IPO, the securities may be considered as eligible for
listing if they were otherwise eligible for listing at the time of the IPO. If the company approaches the Exchange for listing after six
months of an IPO, the norms for existing listed companies may be applied and market capitalisation be computed based on the period
from the IPO to the time of listing.