Dedicated bourse for SMEs sought

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SME Times News Bureau | 22 Mar, 2010
The need for a dedicated stock exchange for the SMEs (small and medium enterprises) was emphasised at a day-long seminar organised by the Institute of Company Secretaries of India, Eastern Regional Council, in Kolkata recently. A dedicated stock exchange, it was felt, could help the SMEs access capital markets more easily than at present.

Mr Muralidhar Rao, Chief General Manager, Market Regulations, Securities & Exchange Board of India, explained the various problems the SMEs faced in raising of resources.

Mr P.K. Choudhury, Vice-Chairman & Group CEO, ICRA Ltd., dwelt on the important role the SMEs played in the country's economic development by contributing 20 per cent of GDP and generating 25 million jobs. He also stressed the need for proper rating of the SMEs.

Ms Mamta Binani, Chairperson, ICSI, EIRC, felt that SMEs must employ compliance officers to ensure adherence to various legislations and regulations and the company secretaries would be ideally suited for the job.

The seminar was inaugurated by Mr Manabendra Mukherjee, West Bengal Minister for Micro & Small-scale Industries. Senior officials of Nasscom, State Bank of India, HSBC Ltd and SIDBI, among others, participated in the discussion.