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Home / SEBI & Capital Markets / SME to Main Board Migration
Last updated: 2 October 2026
A company listed on NSE Emerge or BSE SME can move to the main board once it meets SEBI ICDR Regulation 277 and the receiving exchange’s migration criteria. Expertvuw supports the eligibility review, shareholder approval, application documents and exchange coordination.
Migration is governed by Regulation 277 in Chapter IX of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company needs a special resolution passed through postal ballot, in which the votes cast in favour by shareholders other than promoters are at least two times the votes cast against by them, and must meet the listing criteria of the main board it is moving to.
Each exchange sets its own migration criteria. NSE revised its criteria for migration from NSE Emerge to the NSE main board by circular dated 24 April 2025, effective 1 May 2025, adding tests on paid-up capital, market capitalisation, revenue, operating profit, net worth, listing period and shareholder base. BSE publishes separate criteria for its SME platform, and these should be checked against the current BSE notice at the time of application.
Expertvuw tests the company against the applicable criteria, reviews its compliance record on the SME platform, prepares the postal ballot notice and supporting papers, and compiles the exchange application and checklist documents. Certificates required from auditors or practising professionals are obtained through independent licensed professionals.
Based on the regulations and circulars referred to on this page. Last updated: 28 September 2026.
Special resolution by postal ballot; non-promoter votes in favour at least twice those against (ICDR Reg 277)
At least three years on the SME platform (NSE circular, 24 April 2025)
Paid-up equity of at least ₹10 crore and average market capitalisation of at least ₹100 crore (NSE, 2025 criteria)
Revenue from operations above ₹100 crore last year; positive operating profit in two of three years (NSE, 2025 criteria)
Minimum net worth of ₹75 crore for migration to the NSE main board (NSE, 2025 criteria)
At least 500 public shareholders; promoters holding at least 20% at application (NSE, 2025 criteria)
Most delays come from the company’s own record on the SME platform rather than from the application itself.
NSE requires promoter holding not to have fallen below 50% of the shares they held on the listing date.
Pending SEBI action, trading suspension, insolvency proceedings or recent surveillance measures can block or defer an application.
The resolution fails if non-promoter votes in favour are less than two times non-promoter votes against.
Related services.
Listing on the SME platform under ICDR Chapter IX.
Eligibility, promoter contribution and pre-IPO restructuring for a main board issue.
LODR obligations that apply in full on the main board.
PIT code, trading window and structured digital database.
Financials, market data and shareholding are tested against Regulation 277 and the target exchange's criteria.
SME-period filings, complaints and any regulatory matters are reviewed and gaps listed for closure.
The board approves the proposal and the postal ballot notice with an explanatory statement.
Shareholder voting is run through the scrutiniser, with the non-promoter vote test applied to the results.
The application, checklist documents and undertakings are compiled and filed with the exchange.
Exchange queries are answered and trading on the main board begins once final approval is granted.
Once trading moves to the main board, the full LODR framework applies without SME relaxations.
Financial results are filed quarterly rather than half-yearly under SEBI LODR Regulation 33.
Board composition, committee and related party requirements under LODR apply in full to the migrated company.
Quarterly shareholding pattern and SAST disclosures continue on the main board.
The PIT code, trading window and structured digital database must be maintained.
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Regulation 277 of the SEBI ICDR Regulations, 2018 allows an SME-listed company to migrate to the main board if shareholders approve through postal ballot and the company meets the main board’s listing criteria.
No. Each exchange notifies its own criteria. NSE’s current criteria for migration from NSE Emerge took effect on 1 May 2025, and BSE’s criteria are published separately by BSE.
Under NSE’s 2025 criteria, at least three years on the SME platform of the exchange.
No. Migration moves existing listed shares to the main board once the exchange approves; a fresh issue is not required for migration itself.
It depends on the postal ballot schedule and exchange queries. Companies with a clean compliance record on the SME platform typically complete the process faster.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.