Leading stock exchange NSE on Thursday came out with a new framework for companies seeking to migrate from its small and medium enterprises (SME) platform to the main board, requiring the net worth of such firms be at least Rs 50 crore.

For shifting to the main-board applicant should have been listed on the SME platform of the exchange for at least 3 years and the total number of public shareholders on the last day of the preceding quarter from the date of application should be at least 1,000, the bourse said in the circular.

In addition, the applicant company should have positive cash accruals (Earnings before Interest, Depreciation, and Tax) from operations for each of the three financial years preceding the migration application. 

Also, it is required to have positive profit after tax (PAT) in the immediate Financial Year of making the migration application to exchange. 

Among other criteria, the applicant company should not be referred to the Board of Industrial and Financial Reconstruction (BIFR) and no proceedings have been admitted under Insolvency and Bankruptcy Code against the issuer and promoting companies. 

Further, the company should not receive any winding-up petition admitted by the NCLT. 

As per the framework, the paid-up equity capital of the applicant should be at least Rs 10 crore and the capitalisation of the applicant's equity should not be less than Rs  25 crore.

NSE said the applicant desirous of listing its securities on the main board, should have made disclosures for all material litigation and regulatory action to the stock exchanges where its shares are listed in an adequate and timely manner.

The National Stock Exchange (NSE) launched its SME platform in 2012.