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With the BSESME Exchange having taken off with the listing of a finance company and the NSESME Exchange ready to list a few manufacturing Micro, Small and Medium Enterprises (MSMEs), the key challenge before Indian MSMEs is to make sure that these bourses dedicated to MSMEs function effectively and help solve the problem of raising capital. To identify and address the issues which are still standing in the way of smooth and effective functioning of these SME stock exchanges, the Federation of Indian Micro and Small & Medium Enterprises (FISME), the voice of Indian MSMEs, held a Roundtable with major actors on March 28, 2012 in New Delhi. 

Chaired by FISME President Mr V.K. Agarwal, the Roundtable noted that there was a huge unmet demand among Indian MSMEs for raising capital underlining the need for a SME dedicated platform. And although after a prolonged wait the SME Exchange platforms both at BSE and NSE have been inaugurated in Mumbai recently and scores of MSMEs have already lined up for IPOs, the key players - Merchant Bankers, Market Makers etc., do not look sufficiently enthused. Some are finding the rules very restrictive or onerous while others are apprehensive of the cost of failures. 

The frank and candid discussions during the Roundtable revealed that the smooth and effective functioning of these SME exchanges would require:

·         Steps to ease regulations

·         Steps to prepare  market

·         Incentives for major actors

·         Other Promotional measures

At the Roundtable it was decided that its deliberations and conclusions would be shared with all stakeholders for debate and necessary action through a ‘White paper’.  

The participants in the Roundtable included:   

·         Mr. Lakshman Gugulothu, IPS, CEO - SME Exchange, Bombay Stock Exchange (BSE)

·         Mr. Ananta Padmanabhan Sarma, Chief Executive Officer, SIDBI Venture Capital Limited

·         Mr. Ravi Tyagi, SME Project, NSE

·         Mr. Anurag Goyal, Vice President, Microsec Capital Ltd

·         Prof. Sanjay Sehgal, Dean - Faculty of Commerce and Business, Delhi University

·         Prof. Muneesh Kumar, Head - International Relations, Delhi University

·         Mr. Kulbhushan Parashar, Director RSj Capital Ventures Pvt. Ltd

·         Mr. D. Gandhikumar, Vice President, FISME

·         Mr. Arjun Navada, Managinmg Director, Eastern Switchgear & Electrical Company Pvt. Ltd.

·         Mr. R. Sada Siva Reddy, President, Jeedimetla Industries Association

·         Mr. Deepak Jain, Managing Director, Bhansali Cables & Conductors Private Limited

·         Mr. C.S. Goel, Managing Director, Goel Engineers (India)

·         Mr. Naveen Jain, Managing Director, Dayachand Engg. Industries Pvt. Ltd.

·         Mr. Dinesh Singhal, Managing Director, Kanohar Electricals Ltd

·         Mr. Neeraj Kedia, Managing Director, Chakradhar Chemicals Pvt. Ltd.

·         Mr. Pankaj Aggarwal, Managing Director, Bindlas Duplux Ltd.

·         Mr. Anil Bhardwaj, Secretary General, FISME