The Bombay Stock Exchange (BSE) on February 23, 2026, notified regarding the revision in the Eligibility Criteria for companies listed on other recognized stock exchanges seeking direct listing to the Main Board.
The following has been stated:
• It has revised the eligibility criteria for SME and Equity companies seeking migration to the Main Board and for companies listed on other recognized stock exchanges seeking direct listing on the Main Board, effective from March 01, 2026. The revision introduces an alternative eligibility route whereby companies not meeting prescribed market capitalization or liquidity norms can qualify if they have revenue from operations of ₹100 crore or more in each of the preceding three financial years.
• The criteria prescribe minimum paid-up capital of ₹10 crore, specified market capitalization thresholds (₹1000 crore for direct listing and ₹100 crore for SME migration) or the revenue alternative, liquidity conditions, average EBITDA of ₹15 crore over three years with at least ₹10 crore each year, minimum net worth and net tangible assets requirements, and at least 20% promoter holding. Promoter lock-in requirements have been relaxed for companies already listed on recognized exchanges with nationwide trading terminals.
• Additional conditions include compliance with SEBI LODR Regulations, a minimum three-year listing track record, at least 1000 public shareholders, no regulatory or insolvency issues, dematerialized promoter shareholding, no pending investor complaints, and absence of material audit qualifications. Applications filed on or after March 01, 2026, will be assessed under the revised framework.
[Notification no. - 20260223-19]
