The following are some of the key criteria applicable to existing companies.

Net Worth

The net worth of the applicant company shall be more than INR 75 Cr in each of the 3 preceding financial years. The Company shall submit a certificate from the statutory auditors in respect of net worth as stipulated above. Net worth means Paid up equity capital + Free Reserves i.e. reserve, the utilization of which is not restricted in any manner may be taken into consideration excluding revaluation reserves – Miscellaneous Expenses not written off – Balance in profit and loss account to the extent not set off.

Dividend

The applicant company has paid dividend in at least 2 out of last 3 financial years immediately preceding the year in which listing application has been made

OR

The company has recorded positive EBDITA in each of the three preceding financial years.

OR

The applicant company has an average Market capitalization of the company to be more than INR 1,000 Cr for a 6 (six) months period prior to the date on which the listing application has been made. The threshold of market capitalization is computed as the average daily market capitalization for 6 (six) months period preceding the date of application.

At least three years track record of either:

· The applicant company seeking listing; or

· The promoters/promoting company, incorporated in or outside India

· The company has not been referred to Board for Industrial and Financial Reconstruction (BIFR) / admitted in Insolvency and Bankruptcy Code (IBC)

· The company has not received any winding up petition admitted by a court. **** 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.

No Disciplinary action

There shall be no material regulatory or disciplinary action by a stock exchange or regulatory authority in the past 3 years against the applicant company. In respect of promoters/promoting company, group companies, companies promoted by the promoters/promoting company, director of the applicant company, there shall be no material regulatory or disciplinary action by a stock exchange or regulatory authority in the past one year.

Redressal mechanism of Investor grievance

· The company must have a SEBI registered SCORES ID

· Applicant company, promoters/promoting company, group companies, companies promoted by the promoters/promoting company (listed entity) should have no pending investor grievance for more than 30 days.

· Defaults in respect of payment of interest and/or principal to the debenture/bond/fixed deposit holders by the applicant company, promoters/promoting company, group companies, companies promoted by the promoters/promoting company 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.

Public Shareholders

Total number of public shareholders on the last day of preceding quarter from date of application should be at least 1000.

Details of Litigation

The applicant company, promoters/promoting company, group companies, companies promoted by the promoters/promoting company litigation record, the nature of litigation, status of litigation during the preceding three years need to be clarified to the exchange.

Rejection cooling off period

The application of the applicant company should not have been rejected in last 6 months.

Audit qualification

The applicant company should not have audit qualification with respect to going concern and adverse opinion or disclaimer of opinion pertaining to financials.

Other Conditions

· The applicant company should have been listed on any other recognized Stock Exchange for at least last three years or listed on the exchange having nationwide trading terminals for at least one year.

· Minimum average daily turnover during last 6 months (value) - Rs. 10 lakhs

· Minimum average daily number of trades during last 6 months (count) – 50

· Cooling period of two months from the date the security has come out of trade-to-trade category on other exchanges where the security has been actively listed

· Securities of the company should be trading above face value during six months preceding the date of application.

The eligibility criteria shall not be applicable to State or Central Public Sector Undertakings (PSU) including PSU Banks.