The National Stock Exchange (NSE) on May 22, 2026, issued the notification regarding the Review of Guidelines for Market Maker in SME Platform.
The following has been stated namely: -
• A minimum net worth of ₹3 crore is required to act as a Market Maker for up to 5 SME companies.
• Every additional ₹1 crore net worth allows market making in 5 more SME companies.
• Market Makers with ₹25 crore or more net worth can market-make an unlimited number of SME companies, subject to other limits.
• A Market Maker cannot undertake market-making for more than 15% of all SME companies under market making on an exchange or 50 SME companies, whichever is higher.
• The revised grid specifies net worth requirements ranging from ₹3 crore (up to 5 companies) to ₹24 crore (up to 110 companies).
• Compliance with the revised net worth criteria must be verified by the Book Running Lead Manager (BRLM) and the SME company at the time of appointing a Market Maker.
• A Market Maker not meeting the required net worth cannot take on new SME market-making assignments until compliance is restored.
• However, it may continue market-making obligations for existing SME companies.
• The Stock Exchange will notify concerned BRLMs and SME companies, which may review their agreements with the Market Maker.
• A maximum of five Market Makers can be appointed for any SME company.
• The revised criteria apply immediately to new SME Market Maker registrations.
• Existing SME Market Makers can continue under the old criteria for 6 months, after which the revised norms become mandatory from November 21, 2026.
[Notification No. NSE/COMP/74341]
