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Mainboard transition proves challenging as SMEs face stricter norms

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Mainboard transition proves challenging as SMEs face stricter norms
Mumbai: The SME platforms of India’s stock exchanges were built on aspiration – a stepping stone to the mainboard, where the biggest names in India Inc trade. For hundreds of companies that listed on this segment with lighter listing norms over the past decade, that promotion was part of the promise sold to investors.

But, for many of them, the upgrade remains elusive.

Prime Database’s data on companies that have moved from the SME platform to the mainboard in the past decade shows this migration has slowed down in the past five years.

The number of companies making this transition fell from the peak of 65 in 2021 to 62 companies in 2022 and to 38 in 2023. The count slipped further to 14 in 2024 and dropped to just three in 2025.

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Between 2015 and 2025, of the 1,420 companies listed on the SME platforms of BSE and NSE, 336 – about 24% – eventually migrated to the mainboard.

Mission Impossible For Many SMEs, Upgrade to Mainboard Stays ElusiveAgencies

a bar too high? Tighter rules set by NSE, BSE said to have stalled migration; Of 1,420 cos listed on SME platforms during 2015-2025, only 336 could move up

Bankers said the shift of SME companies to the mainboard has slowed because of tighter rules. Both BSE and NSE have substantially raised the bar in recent years for SMEs seeking to migrate.
“The revised ‘quality-control’ measures by exchanges have effectively filtered out smaller players, leading to the observed decline in migration volume while aiming to protect the long-term integrity of the mainboard,” said Abhishek Sharma, Director, GYR Capital, an investment banker for SMEs. Effective January 2024, the minimum listing tenure required for SME companies to become eligible for mainboard migration increased from two years to three years.

“Consequently, this change is expected to impact migration trends for the transition period from SME to mainboard,” said Radha Kirthivasan, Head Listing & SME, BSE.

“Of the 693 companies currently listed on the BSE SME platform, 199 have migrated to the Mainboard, out of the eligible pool of approximately 410 companies, implying an effective migration rate of 50%.” In August 2025, BSE introduced another set of norms requiring an average market capitalisation of Rs 100 crore over six months (up from Rs 25 crore), average EBITDA of Rs 15 crore over three years with a minimum of Rs 10 crore annually, and at least 1,000 public shareholders — four times the earlier threshold of 250.

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Migration is not automatic. Companies must proactively apply to the exchanges and meet not only financial thresholds but also extensive compliance checks, including cooling-off periods after surveillance actions, clean records on SCORES (Sebi’s investor grievance platform), and certifications from credit rating agencies on the utilisation of IPO proceeds. “In light of the maturing of the market, in March 2024, among other criteria, the minimum number of shareholders for companies desiring to migrate to the Main Board is set to 500, with a view to ensuring sustained liquidity and aligning the nature to a public limited company with a diversified shareholder base,” an NSE spokesperson said in an email to ET.

NSE’s May 2025 criteria are similarly demanding: paid-up capital of Rs 10 crore, average market cap of Rs 100 crore, revenue above Rs 100 crore in the last financial year, and net worth of Rs 75 crore. Companies must also maintain at least 20% promoter holding, with promoters not selling more than 50% of their listing-day holdings.

“The objective of regulators and exchanges to make criteria stringent is to ensure that SME companies of suitable size which are financially sound, matured, transparent and well governed move on to the main board and also to prevent companies from using SME platform as a short cut to gain easy access to the mainboard without genuinely meeting it’s standards,” said Uday Patil, Executive Director-Investment Banking, PL Capital, adding that stringent migration norms act as a quality filter. A few SME graduates have delivered strong returns post migration.

Manorama Industries launched its IPO on September 21, 2018, raising Rs 60.79 crore, and moved to the main board on July 20, 2021. Since then, the stock has delivered 295% returns as of February 24, 2026. Zota Health Care came out with its IPO on April 27, 2017, mobilising Rs 55.5 crore, and transitioned to the main board on August 19, 2019.

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Post migration, the stock has surged 511%. Sarveshwar Foods opened its IPO on March 5, 2018, with an issue size of `52.2 crore, and shifted to the main board on December 8, 2022. Since then, the stock has gained 44%. Still, performance at the SME listing stage remains uneven. Out of 134 SME companies listed in the past year, only 30 delivered gains, while the rest generated negative returns.

Several companies did manage the transition in earlier years. MMP Industries Ltd launched its IPO on March 28, 2018, raising Rs 80.37 crore, and migrated to the main board in January 2020. Sirca Paints India opened its IPO in May 2018 with an issue size of Rs 74 crore, and moved to the main board in July 2019.

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Thailand’s exports soared 24.4% in January 2026, marking the highest trade growth in four years

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US trade deficit in goods reaches record high with Thailand, Vietnam, and Taiwan

Thailand recorded its strongest trade growth in four years in January 2026, with exports jumping 24.4% and imports rising 29.4%, far exceeding economic forecasts.

This surge was primarily driven by a global “upcycle” in demand for electronics related to artificial intelligence and data centers, providing a significant boost to the Thai economy as the government navigates complex trade relations with the United States and China.

Key Points

  • Thai exports and imports reached their highest growth rates since late 2021, fueled by outbound electronic shipments and high demand for raw materials and machinery.
  • Trade officials attributed the export spike to genuine demand for AI-related technology rather than the transshipment of Chinese goods through Thailand to avoid tariffs.
  • Thailand maintained a $4.8 billion trade surplus with the United States in January, while running a $7.2 billion trade deficit with China.
  • The Commerce Ministry is prioritizing continued trade talks with the U.S. to maintain cooperation and mitigate the impact of proposed 15% global tariffs.
  • The strong trade data provides political momentum for Caretaker Prime Minister Anutin Charnvirakul’s coalition government, which has pledged to improve Thailand’s economic growth relative to its regional competitors.

The Ministry of Commerce clarified that the export spike is a result of genuine demand rather than the transshipment of Chinese goods. This economic boost arrives as the caretaker government looks to accelerate Thailand’s growth to remain competitive with other major Southeast Asian economies.

What specific technological trends contributed to the 24.4% jump in Thai exports in January 2026?

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the specific technological trends and factors that contributed to the 24.4% jump in Thai exports are:

  • Artificial Intelligence (AI): The surge was primarily driven by high global demand for electronic components specifically related to AI technology.
  • Data Centers: There was a significant “upcycle” in demand for electronics tied to the development and operation of data centers.
  • Electronics Sector Upcycle: The broader electronics industry experienced a growth phase, leading to increased outbound shipments of electronic products.
  • Inbound Demand for Infrastructure: While exports rose, the document also notes stronger demand for raw materials and machinery, which supported the overall trade activity linked to these sectors.

The Ministry of Commerce, specifically Nantapong Chiralerspong (Director-General of the Trade Policy and Strategy Office), clarified that this spike was a result of genuine demand for these specific technologies rather than the transshipment of Chinese goods through Thailand to avoid tariffs

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Elusive Shein boss hails Chinese roots in rare public appearance

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Elusive Shein boss hails Chinese roots in rare public appearance

His speech follows years of the firm focusing away from China as it moved its headquarters to Singapore.

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Trump says he has told big tech companies to build their own power plants

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Trump says he has told big tech companies to build their own power plants


Trump says he has told big tech companies to build their own power plants

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Savannah Guthrie Raises Reward to Up to US$1 Million, Acknowledges Mom ‘May Already be Gone’

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Savannah Guthrie

Savannah Guthrie has taken to social media to announce that her family is willing to pay up to US$1 million (approximately $1.41 million) for information that can lead to the whereabouts of her mom Nancy.

Nancy Guthrie has been missing since February 1.

Guthrie Family Raises Reward

In a video posted on social media, Savannah Guthrie also acknowledged the possibility that her mom may already have passed away.

“We also know that she may be lost, she may already be gone,” she tearfully said in the video. “She may already have gone home to the Lord that she loves and is dancing in Heaven… and if this is what is to be, then we will accept it.”

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“But we need to know where she is,” the “Today” host emphasized. “We need her to come home.”

According to PEOPLE, the family also donated US$500,000 to the National Center for Missing and Exploited Children.

A source close to the family also explained to PEOPLE why the family chose to raise the reward. The FBI’s reward of US$100,000 (approximately $141,000) remains active.

“The family first raised this on the first day of the investigation and has been ready to do this ever since,” the source said.

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The source added, “They were advised by all involved in the investigation that doing so earlier might overwhelm the infrastructure set up to field leads, tens of thousands of which have been coming in organically.”

Savannah Guthrie’s full video is available below.

Nancy Guthrie Is Still Missing

Since her February 1 disappearance, Nancy Guthrie has yet to be found. She is believed to have been kidnapped by an armed man.

Nancy Guthrie’s surveillance cameras were able to capture the masked man, and the FBI described him as “male, approximately 5’9″ – 5’10” tall, with an average build.”

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However, authorities are not ruling out that this masked man may have had an accomplice.

Pima County Sheriff Chris Nanos said that the search for the “Today” show host’s mom could take years.

“Maybe it’s an hour from now,” Nanos said, per The New York Times. “Maybe it’s weeks or months or years from now. But we won’t quit. We’re going to find Nancy. We’re going to find this guy.”

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Takeaways from Trump’s State of the Union address to Congress

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Takeaways from Trump’s State of the Union address to Congress


Takeaways from Trump’s State of the Union address to Congress

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Paramount boosts Warner Bros offer to rival Netflix in takeover bid

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Paramount boosts Warner Bros offer to rival Netflix in takeover bid

Warner Bros says the latest proposal could convince it to abandon the deal it struck with Netflix.

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VAALCO Energy, Inc. (EGY) Presents at SB1 Markets 2026 Energy Conference – Slideshow

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

VAALCO Energy, Inc. (EGY) Presents at SB1 Markets 2026 Energy Conference – Slideshow

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Ensure Compliance With Email Authentication Standards

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An online SPF checker is a purpose-built diagnostic tool that verifies your Sender Policy Framework configuration in DNS and helps ensure SPF compliance across every domain name you manage.

An online SPF checker is a purpose-built diagnostic tool that verifies your Sender Policy Framework configuration in DNS and helps ensure SPF compliance across every domain name you manage.

By running an SPF check or SPF record check, you confirm that your SPF record correctly lists authorized senders, including the IP addresses and subnets used by your outbound mail servers and service providers. Done regularly, an SPF lookup and SPF validation workflow reduces email delivery friction, supports email security goals, and improves overall email deliverability.

A modern SPF checker pairs SPF record lookup with a readable SPF result and clear guidance to correct SPF errors. Many SPF validator interfaces include a DNS lookup to resolve includes, flatten indirect references, and highlight SPF record issues such as too many DNS-mechanism lookups, missing all mechanisms, or ambiguous qualifiers. Because email authentication is cumulative, an SPF checker is most effective when combined with a DMARC record, DKIM record, and policies that address spoofing, phishing prevention, and fraud prevention at the domain level.

Use an SPF validator whenever you add a new sending platform, change authorized IP ranges, or alter routing. Frequent SPF checks help you catch SPF validation errors early, maintain SPF compliance, and protect sender identity before delivery issues arise. Before sending a bulk email campaign, it’s always a smart idea to perform an SPF check online to ensure your domain is properly authenticated and protected against spoofing.

Why SPF Matters: Role in Email Authentication and Brand Protection

SPF is the Sender Policy Framework that lets a domain name publish which hosts are authorized senders of mail for that domain. Receiving MTAs evaluate SPF during email delivery to determine whether the connecting server’s IP addresses (or broader subnets) are permitted. This SPF validation step combats email spoofing, reduces security risk from malicious senders, and contributes to domain security and domain authentication.

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  • Brand protection and sender reputation: Accurate SPF configuration helps reduce spam sent in your name, strengthens sender reputation, and supports inbox placement. In tandem with DMARC and DKIM, SPF contributes to a layered defense against email-based threats.
  • Deliverability and diagnostics: Consistent SPF record check routines uncover SPF errors that can harm email deliverability. When you analyze headers with an email header analyzer, you can see the SPF result aligned with the authenticated domain, aiding prompt resolution of authentication issues.
  • Governance and compliance check: Many mailbox providers and industry frameworks expect minimum authentication with SPF, DKIM, and DMARC. Routine SPF check and SPF record lookup cycles serve as a practical compliance and security safeguard.

How SPF Works and How to Interpret Results

MAIL FROM and Return-Path Flow

During SMTP, the sending server declares the envelope sender in the MAIL FROM command (also recorded in the Return-Path). The receiving server performs an SPF lookup on the domain name in MAIL FROM, compares the connecting host’s IP addresses against the SPF record, and returns an SPF result (pass, fail, softfail, neutral, none, temperror, permerror). That SPF result helps determine email delivery disposition and is often visible when you analyze headers for diagnostics.

If MAIL FROM is empty (bounce messages), SPF switches to checking the HELO/EHLO identity. Accurate configuration ensures the correct sender identity is authenticated even for system-generated mail.

DNS TXT Records and Evaluation Order

SPF is published as a DNS TXT record at the domain root or a relevant subdomain. A DNS record checker or DNS lookup reveals the TXT string beginning with “v=spf1”. The evaluation order processes mechanisms from left to right until a match is found. Well-formed records enumerate authorized senders via mechanisms and optionally constrain them to specific subnets. A robust SPF validator traces includes and a records, flags DNS-related SPF errors, and assesses overall SPF compliance.

Evaluation and Lookup Limits

  • SPF lookups are limited to 10 mechanisms/modifiers that cause DNS queries (include, a, mx, ptr, exists, redirect). An SPF checker will warn if your SPF validation encounters too many lookups.
  • Redundant or contradictory entries are common SPF record issues and may yield SPF validation errors or permerror outcomes.
  • Mailbox providers may treat softfail and neutral as increased risk level. Periodic monitoring with a domain scanner and diagnostics can identify such security gaps before they affect email health.

SPF Record Lookup and Interpreting the SPF Result

An SPF record lookup confirms that the SPF record exists and resolves all referenced hosts. A comprehensive SPF check correlates the connecting IP with the authorized IP list and returns a pass when alignment is met. Failed lookups or misconfigured includes often produce SPF errors with delivery issues. To maintain email security and email deliverability:

Use an online tool to run an SPF test whenever you onboard a new sender or change subnets.

Perform diagnostic tests that simulate connections from each authorized IP range.

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Capture failures report data via DMARC to prioritize prompt resolution and risk assessment.

SPF Syntax and the Compliance Landscape

SPF Record Syntax Explained

SPF record syntax is built from mechanisms, qualifiers, and modifiers that define which systems can send for your domain name.

Mechanisms, Qualifiers, and Modifiers at a Glance

  • Mechanisms: ip4, ip6, a, mx, include, exists, ptr (discouraged), all
  • Qualifiers: + (pass, implicit), – (fail), ~ (softfail), ? (neutral)
  • Modifiers: redirect=, exp=

A typical record: v=spf1 ip4:203.0.113.0/24 include:_spf.example.net -all

How they work:

  • ip4/ip6: Enumerate authorized IP addresses and subnets for explicit allowlisting.
  • a/mx: Authorize the A or MX records of the domain or a specified host.
  • include: Delegate authorization to another domain’s SPF record (e.g., a SaaS sender).
  • all: Catch-all at the end, typically -all for strict SPF compliance or ~all during testing.
  • redirect: Point SPF evaluation to another domain name’s record for centralized control.

An SPF checker or SPF raw checker will parse these elements, perform SPF record lookup on includes, and surface SPF validation errors such as unexpected mechanisms, unused modifiers, or broken DNS references.

Examples and Common Pitfalls

v=spf1 ip4:198.51.100.10/32 include:_spf.mailhost.com include:_spf.marketingplatform.com -all

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  • Avoid exceeding 10 DNS-mechanism lookups; flatten includes if needed.
  • Subdomain-specific senders:

v=spf1 a mx ip4:192.0.2.0/27 -all

  • Be precise with subnets to prevent unintended authorization.
  • Gradual rollout with softfail:

v=spf1 include:_spf.example.net ~all

  • Move to -all after monitoring DMARC data and confirming no legitimate sources are blocked.

Helpful tooling:

  • SPF record generator to compose correct syntax.
  • Record checker and DNS record checker to validate publication.
  • Email header analyzer to correlate SPF result with real traffic and inbox placement outcomes.

Compliance Landscape: RFC 7208, Google/Yahoo, and Industry Standards

SPF is standardized by RFC 7208, which defines processing rules, lookup limits, and error handling. Aligning with RFC 7208 ensures interoperable SPF validation and reduces authentication issues across diverse DNS providers and MTAs.

Minimum Authentication for Major Providers

  • Google and Yahoo sender requirements emphasize minimum authentication with SPF and DKIM, plus DMARC alignment for bulk senders. Maintain consistent SPF alignment with your visible domain, publish a DMARC record with an appropriate policy, and ensure a passing DKIM record for your streams. Supporting controls like BIMI record, MTA-STS, and TLS-RPT enhance domain security and email protection but do not replace SPF.
  • Conduct a compliance check periodically: run an SPF check, a DKIM checker, and a DMARC checker, then verify BIMI where applicable. Use MX Lookup to confirm routing and screen Blacklists to protect domain reputation.

Monitoring, Reporting, and the Tooling Ecosystem

Operational excellence requires continuous monitoring, reputation monitoring, and reporting. Consider a stack that includes:

  • MxToolBox SuperTool for DNS lookup, SPF lookup, DMARC, and Diagnostics.
  • EasyDMARC for Managed DMARC, Delivery Center, Alert Manager, Email Verification, and an Email Deliverability Test; educational resources such as Academy EasyDMARC help teams master email policies.
  • Domain Scanner and Email Health dashboards to scan domain configurations, surface security gaps, and track domain health.
  • Email Header Analyzer to analyze headers, correlate SPF result and DKIM outcomes, and spot authentication issues.
  • Phishing Link Checker and TouchPoint to support phishing prevention and email-based threats analysis.

Many platforms integrate record checker utilities, SPF test runners, and an SPF raw checker. Vendors like EasyDMARC and MxToolBox often appear on G2 Crowd, SourceForge, Channel Program, and Expert Insights; review feedback to select an online tool that matches your risk level, reporting needs, and alerting preferences. For managed environments, MSP Program offerings help standardize SPF configuration and periodic monitoring across client portfolios, with failures report insights enabling prompt resolution.

Best practices:

  • Schedule periodic monitoring to query domain records, validate SPF compliance, and perform diagnostic tests after any SPF configuration change.
  • Use a domain scanner to discover shadow senders; verify each authorized IP and include, and remove stale entries to reduce security risk.
  • Pair SPF with DMARC enforcement for fraud prevention and domain authentication at scale, improving email deliverability and reducing delivery issues.

By embedding a disciplined SPF record check routine—complete with SPF validator reviews, SPF record lookup automation, and continuous diagnostics—you harden email security, safeguard sender identity, and sustain the email delivery performance your brand and customers expect.

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Negative Breakout: These 12 stocks cross below their 200 DMAs

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The Economic Times

In the Nifty500 pack, 12 stocks’ close prices crossed below their 200 DMA (Daily Moving Averages) on February 24, according to stockedge.com’s technical scan data. Trading below the 200 DMA is considered a negative signal because it indicates that the stock’s price is below its long-term trend line. The 200 DMA is used as a key indicator by traders for determining the overall trend in a particular stock. Take a look:

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WiseTech Global Plans to Cut 2,000 Jobs as It Embraces Artificial Intelligence

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Artificial Intelligence / AI
Artificial Intelligence / AI
BoliviaInteligente / Unsplash

WiseTech Global has revealed its plans to cut 2,000 jobs from its 7,000 global workforce as it embraces artificial intelligence (AI).

Owned by Australian billionaire Richard White, WiseTech Global said the job cuts will happen over the next two years.

WiseTech Global Announces Job Cuts

According to Sky News, WiseTech is pushing through with its AI-driven “efficiency program.” The job cuts will remove as much as 50 per cent of staff in certain areas.

“As part of WiseTech’s long-term strategic focus on higher-margin recurring revenue, and WiseTech’s commitment to building a higher-performance culture, this program will likely result in a reduction of approximately 2,000 roles in FY26 and into FY27,” the company said in a statement to investors.

WiseTech also added that affected staff will not be transferred elsewhere in the company. This is because there will be no roles for them anymore to begin with.

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‘Era of Manually Writing Code is Over’

WiseTech CEO Zubin Appoo is firm belief that AI is the best way forward for the company and the industry in general.

“I am prepared to say this clearly: the era of manually writing code as the core act of engineering is over,” he emphasized, according to 9News.

He went on to say, “AI amplifies the productivity of our expertise in logistics and trade, the rich datasets that WiseTech holds, and the network advantage that we have built over 30 years.”

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