Government of Haryana & NSE signs MoU to fuel growth of MSME’s in the State
NSE has similar arrangements with other 7 states – Uttar Pradesh, Uttarakhand, Rajasthan, Punjab, Gujarat, Andhra Pradesh, and Odisha.
Mumbai, July 17, 2019: India’s leading stock exchange, the National Stock Exchange of India Ltd. (NSE) and the Government of Haryana have signed a Memorandum of Understanding (MoU) to help catapult MSME’s in the State to the next level of growth.
MOU was exchanged between Gaurav Kapoor, Vice President, NSE & Devender Singh, Addl. Chief Secy., Commerce & Industries, and Government of Haryana today in Chandigarh.
As part of the understanding, NSE will support the efforts of the Government of Haryana in enhancing the financing opportunities for MSME’s in the State, through listing on NSE’s dynamic and thriving SME exchange platform, NSE Emerge.
On its part, the Government of Haryana shall facilitate MSMEs to get listed on the NSE Emerge, by supporting such MSMEs financially one time support of 20% of expenditure incurred or 5 Lakh maximum after fund raising of equity. Haryana Government will explore the possibility of setting up a government sponsored equity participation fund to invest in the fast growing SMEs in the State, on the exchange platform.
NSE shall play an active role in nurturing the SMEs and start-ups by increasing awareness along with the Government of Haryana on the opportunities to raise capital, SME exchange guidelines, listing processes, and compliances with listing agreement.
Devender Singh, Addl. Chief Secy., Commerce & Industries, Government of Haryana said, “Development of SME is the focus for the state and to further this commitment, Government of Haryana and NSE has entered into mutual cooperation for enabling SMEs to list on NSE Emerge for raising capital in an efficient manner and scale up their businesses to compete globally. We are confident that local SMEs based from Haryana will benefit by listing on NSE Emerge platform”.
Gaurav Kapoor, Vice President, NSE said, “We, at NSE are happy to actively collaborate with the Government of Haryana. Small & Medium enterprises (SMEs) are crucial for economic growth, employment generation and broad based inclusive development .NSE has established platforms for SME IPO (NSE Emerge) and for receivables discounting (RXIL), a trade receivables discounting exchange that has been set up in collaboration with SIDBI. We are very focused on providing access to capital to SMEs and look forward to supporting SMEs from Haryana in their growth plans and do joint programmes with Government of Haryana in each District of the state for capital raising initiatives”.
NSE will be handholding SME’s through the process of listing, thereby empowering MSME’s to achieve their next level of growth. Listing helps companies to get better access to capital for their expansion and growth, provides visibility to local companies at the national level, gives them high credibility and unlocks valuation.