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MoD and NSE ink agreement to push MSMEs and developing firms in defence sector
Industry News- Aug 01,24
The Memorandum of Understanding (MoU) is designed to facilitate capital market access for MSMEs in the defence sector.
The Ministry of Defence (MoD) and the National Stock Exchange (NSE) signed an agreement on Monday to support Micro, Small and Medium Enterprises (MSMEs) and emerging companies in the defence sector. This initiative aims to help these businesses scale up operations, explore new markets, and fund their research and development activities.
The Memorandum of Understanding (MoU) is designed to facilitate capital market access for MSMEs in the defence sector. The agreement will enable these firms to efficiently and transparently raise productive capital for their growth plans through the NSE platform 'NSE Emerge'. This platform provides new and viable options for raising equity capital from a diverse set of investors.
The MoU was signed by the Additional Secretary of the Department of Defence Production (DDP) and the Managing Director of NSE, in the presence of Defence Secretary Giridhar Aramane. The agreement will be in force for five years, during which DDP and NSE will conduct extensive awareness drives through seminars, MSME camps, knowledge sessions, roadshows, and workshops. These initiatives will guide companies engaged with the Ministry of Defence in fundraising on the 'NSE Emerge' platform.
Additionally, the NSE will assist MSMEs in connecting with intermediaries such as merchant bankers, registrars, transfer agents, and depositories. They will also provide guidance on capital markets, capital-raising mechanisms, and regulatory compliance requirements.
"This MoU will help MSMEs and emerging companies in the defence sector to scale up their business operations, explore new markets, and fund their R&D activities," the statement said.
(Source: BS & PTI)
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