BSE postpones launch of platform for startups

Leading stock exchange BSE has postponed the launch of its new platform for listing startups. The platform, scheduled for launch today, was aimed at facilitating the listing of companies in sectors such as IT, ITES, bio-technology and life sciences, 3D printing, space technology and e-commerce. Besides, it was targeted to aid the listing of companies from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors.

"BSE has decided to postpone the split of the BSE startup sub-segment from BSE SME segment. Startups will continue to list on BSE SME segment as usual. These startups will have the option to migrate to BSE startup segment once BSE startup segment is launched," the exchange said in a circular. 

The exchange's spokesperson declined to give any reason for postponing the launch. 

In a June 21 circular, the exchange had announced BSE startup platform in its SME (small and medium enterprise) segment in order to provide further incentive to startups. 

As per the criteria for the listing on the platform, the company was required to have a pre-issue paid up equity share capital of a minimum of Rs 1 crore. 

The company should be in existence for a minimum period of three years on the date of filing the draft prospectus with BSE. Besides, it should have a positive net-worth. 

"The companies should preferably have investment by qualified institutional buyer (QIB investors)/ angel investors for a minimum period of two years at the time of filing of draft prospectus with BSE and such aggregate investment should be at least Rs 1 crore," the exchange had said while spelling out the listing criteria for the platform. 

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Further, the exchange had said the firm seeking to list on the platform should not have been referred to National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code and there should be no winding up petition against the company that has been accepted by NCLT.