 "Securities and Exchange Board of India, Sebi")
Stricter regulations for the migration of small and medium enterprises (SMEs) to the mainboard of stock exchanges have led to a sharp decline in such transitions in calendar years 2024 and 2025. Only one company has migrated successfully this year (as on May 5), after 12 in 2024 — a significant drop from the annual average of nearly 50 migrations between 2020 and 2022.
The slowdown comes as a result of tighter eligibility criteria introduced by stock exchanges after the Securities and Exchange Board of India (Sebi) overhauled migration rules in its December 2024 board meeting. The revised framework was
