Business
Mainboard transition proves challenging as SMEs face stricter norms
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.
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.
Agenciesa 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.
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.
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.
Business
PGIM Jennison Blend Fund Q4 2025 Commentary (PEQZX)
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Business
House prices in Wales rise faster than UK average – see how your area compares
Some areas have seen average house prices increase by 7% in the past year, according to ONS data.
Business
2026 Investor Guide (ROI + Taxes)
As real estate markets across the United States adjust to higher interest rates and slower growth, South Florida continues to stand out as an exception, particularly in the luxury segment.
For investors from cities like Seattle, San Francisco, and other high-cost coastal markets, the region has become a strategic destination offering long-term appreciation, tax efficiency, and lifestyle-driven demand.
Rather than cooling off, South Florida’s luxury housing market is entering 2026 with steady momentum and strong investor confidence.
Sunbelt Migration Fuels Investor Interest
South Florida’s rise mirrors a broader shift toward the Sunbelt, where population growth, job creation, and favorable tax structures have reshaped investment flows. Out-of-state buyers, including technology entrepreneurs and finance professionals from the West Coast, are increasingly acquiring second homes or relocating entirely to Miami, Fort Lauderdale, and Palm Beach.
For many, the appeal goes beyond climate. Florida’s business-friendly environment and absence of state income tax make it particularly attractive for high-net-worth individuals seeking to preserve capital while maintaining access to major financial and tech ecosystems. Miami’s growing reputation as a finance and innovation hub has further reduced the perceived trade-off of leaving traditional centers like Seattle or Silicon Valley.
Consistent Growth and Long-Term ROI Potential
While several U.S. housing markets experienced price corrections in recent years, South Florida’s luxury sector has demonstrated notable resilience. Market forecasts project price growth of approximately 2.8% in 2026 and 3.5% in 2027, signaling stability rather than volatility.
Investors are drawn to this predictability. Luxury properties in the region offer a dual return profile: long-term appreciation combined with rental income potential. Seasonal demand from snowbirds, corporate relocations, and international visitors continues to support high-end rental rates, particularly in waterfront and amenity-rich developments.
Data tracked by MILLION Luxury shows that investor interest in South Florida luxury homes remains concentrated in high-amenity developments and prime waterfront locations.
For buyers evaluating South Florida luxury homes for sale, this balance between income generation and capital growth has become a key differentiator compared to more saturated coastal markets.
Tax and Financial Advantages Strengthen Returns
Tax efficiency remains one of Florida’s most compelling advantages. With no state income tax and comparatively moderate property taxes, investors can often achieve stronger net returns than in states like California, New York, or Washington.
For high-income earners, these savings compound over time. Owning a luxury residence in Miami or Palm Beach can be significantly more cost-effective than maintaining comparable property in West Coast or Northeast cities, even before factoring in appreciation potential.
This financial logic has driven a wave of portfolio diversification, with South Florida real estate increasingly viewed as a core holding rather than a speculative allocation.
Miami’s Evolution Into a Finance and Tech Hub
Economic diversification has further strengthened the region’s outlook. Miami’s emergence as “Wall Street South” reflects a broader transformation that includes fintech startups, venture capital firms, and established financial institutions expanding their presence.
This influx of firms has brought a growing affluent workforce, increasing demand for upscale condominiums and single-family homes near business districts. Brickell, in particular, has become a focal point for luxury high-rise living, attracting younger professionals seeking walkable neighborhoods and premium amenities.
The expansion of this professional base provides structural support for luxury housing demand, reducing reliance on purely seasonal or international buyers.
Neighborhoods and Property Types in Demand
Different segments of South Florida appeal to different investor profiles. Brickell and Downtown Miami continue to attract buyers focused on modern high-rise living, concierge services, and proximity to business hubs. Palm Beach remains a stronghold for ultra-wealthy estate buyers seeking privacy, legacy properties, and exclusivity.
Fort Lauderdale has gained attention for its waterfront homes and yachting lifestyle, offering slightly more approachable price points while still delivering luxury credentials. Across the region, new construction condominiums with five-star amenities remain particularly attractive, especially when secured during pre-construction phases.
Given limited supply in prime locations, competition for top-tier properties remains high, reinforcing the importance of timing and local expertise.
Practical Investment Considerations
For out-of-state investors, working with experienced local luxury brokers is essential. Market dynamics can vary significantly between Miami-Dade, Broward, and Palm Beach counties, and access to off-market listings often determines the best opportunities.
Investors are also advised to monitor upcoming developments, many of which offer early pricing incentives and flexible payment structures. Evaluating rental regulations and seasonal demand patterns can further enhance returns, particularly for those considering short-term or executive rentals.
A Market Positioned for 2026 and Beyond
As 2026 approaches, South Florida’s luxury real estate market shows little sign of losing momentum. Continued migration, a diversifying economy, and favorable financial conditions have created a foundation for sustainable growth.
For investors from Seattle and beyond, South Florida is no longer just a lifestyle purchase. It represents a strategic investment market, one where luxury homes combine financial performance with long-term desirability in a globally connected region.
Business
American Airlines jet has possible bullet holes after Colombia flight
Check out what’s clicking on FoxBusiness.com.
An American Airlines jet was found Monday with possible bullet holes on its exterior after completing a flight from Medellin, Colombia, to Miami.
The damage was discovered during a routine post‑flight inspection of the Boeing 737 MAX 8 at Miami International Airport.
According to Airlive.net, the puncture marks resembled bullet holes and were found on the plane’s right wing assembly.
American Airlines confirmed to FOX Business that the plane was impacted and is currently undergoing inspection.
AMERICA’S AIRPORT AFFORDABILITY GAP: CITIES WHERE TRAVEL COSTS ARE CRUSHING FAMILIES

An American Airlines plane taxis to a gate on Jan. 11, 2023. (Al Drago/Bloomberg via Getty Images / Getty Images)
“Following a routine inspection, our teams identified a puncture to the exterior of one of our aircraft in Medellín, Colombia,” the airline said.
“The aircraft was immediately removed from service for further inspection and repair. We will work closely with all relevant authorities to investigate this incident.”
‘SECURITY-RELATED SITUATION’ GROUNDS FIGHT TO VACATION HOT SPOT, PASSENGERS CONFINED FOR HOURS

Aerial view of the Moravia hill and neighborhood in Medellin, Colombia, on June 18, 2021. (JOAQUIN SARMIENTO/AFP via Getty Images / Getty Images)
The plane, registered as N342SX, first departed Miami Sunday as Flight AA923 for Medellín’s José María Córdova International Airport, where it stayed overnight in Colombia, according to AirNavRadar.
The next morning, it completed its return leg as Flight AA924, landing in Miami at approximately 10:33 a.m.
The flight cruised without any issues during its three-hour journey over the Caribbean, and no one was reported injured, the airline told FOX Business.
During the inspection, maintenance crews noticed puncture marks on the right aileron, the part of the wing that controls roll and allows the airplane to turn, Airlive.net reported.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 13.15 | +0.22 | +1.70% |
While the cause of the possible gunfire remains under investigation, the incident has raised concerns about safety in Medellín. The city, now a popular and vibrant destination for tourists, was once notorious in the 1990s for high levels of violence and drug-related crime.
Following the discovery, flight technicians at the Miami airport conducted temporary structural patching to stabilize the wing, Airlive.net said.
CLICK HERE FOR MORE LIFESTYLE STORIES

American Airlines planes are seen at Miami International Airport on May 9, 2024. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
At 8 p.m., roughly 10 hours after landing in Miami, the plane departed again as a non-commercial flight to American Airlines’ primary maintenance hub at Dallas Fort Worth International Airport (DFW).
The aircraft currently remains grounded at DFW, where specialized engineers are able to assess the jet and determine whether any additional mechanisms were impacted.
Business
Silver prices jump Rs 7,200, gold reclaims Rs 1.6 lakh as tariff, geopolitical uncertainty looms. What are experts saying?
MCX Gold futures due April 2026 were up Rs 1,103 or 0.7% at Rs 1,61,072 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery jumped by Rs 7,246 or 2.7% to Rs 2,67,990 per kg.
In the international market, gold prices climbed 0.5% to $5,174.76 per ounce as of 0159 GMT. Bullion had ended the previous session down more than 1% as investors booked profits after prices touched a three week high earlier in the day. Meanwhile, spot silver gained 1% to $88.23 per ounce, after hitting a more than two week high on Monday.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said the global tariff of 10% imposed by Donald Trump came into effect on Monday, once again increasing uncertainty in global trade. Markets are also cautious ahead of the scheduled US Iran talks on February 26 in Geneva regarding the nuclear deal. The dollar index is holding steady above the 97 mark, limiting gains in both precious metals.
However, tariff related uncertainty and geopolitical tensions could continue to support prices of precious metals. According to Jain, price volatility remains very high in both gold and silver. Silver may hold support at $68.00 per troy ounce, while gold could hold support at $4,880 per troy ounce on a closing basis this week.
He added that gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index, tensions between the United States and Iran, and ahead of Trump’s speech. Gold has support at $5,122 to $5,084 and resistance at $5,220 to $5,264 per troy ounce, while silver has support at $84.80 to $82 and resistance at $90 to $92.40 per troy ounce in today’s session.On the Multi Commodity Exchange of India, gold has support at Rs 1,58,800 to Rs 1,56,300 and resistance at Rs 1,61,400 to Rs 1,63,000, while silver has support at Rs 2,54,400 to Rs 2,48,800 and resistance at Rs 2,66,000 to Rs 2,71,000. Jain recommends buying gold on dips around the Rs 1,59,000 to Rs 1,57,000 range, with a stop loss below Rs 1,55,500 for targets of Rs 1,61,000 to Rs 1,62,500.
Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,18,768 per 8 grams while pure gold (24 carat) prices stand at Rs 1,29,552 per 8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,18,648 per 8 grams while pure gold (24 carat) prices stand at Rs 1,29,432 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,19,128 per 8 grams while pure gold (24 carat) prices standat Rs 1,29,960 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,18,648 per 8 grams while pure gold (24 carat) prices stand at Rs 1,29,432 per 8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times.)
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