SME IPO rules: minimum application, market makers and the exchanges

Small and medium enterprises list on separate platforms, NSE Emerge and BSE SME. Their offer documents are filed with the exchange rather than SEBI, and the rules are in Chapter IX of SEBI's ICDR Regulations.

• From 1 July 2025 individual investors must apply for at least two lots, worth more than ₹2 lakh; the old retail category is replaced by this individual investor category.
• A market maker, named in the offer document, quotes prices on both sides for at least three years after listing, and part of the issue is reserved for it.
• The listing day has its own price band for SME issues, set by the exchange.
• An SME company can later move to the main board if it meets that board's conditions.

SME issues are listed separately on newboard, at /sme-ipo, with their own studies.