Veefin Receives In-Principle Approval From BSE For Mainboard Migration
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Fintech SaaS company Veefin Solutions has secured an in-principle approval from the BSE’s Internal Regulatory Oversight and Review Group (IRORG) to migrate its shares from the exchange’s SME Platform to the mainboard.
Under the migration framework, Veefin must complete several conditions within a 45-day validity window. These requirements include filing a formal listing application, submitting an updated final information memorandum under Section 26 of the Companies Act, 2013, executing the Listing Agreement, and submitting its latest shareholding pattern alongside financial results compliant with SEBI (LODR) Regulations, 2015.
“The company is currently in the process of completing the final listing formalities as prescribed by the exchange,” Veefin noted in a filing with the exchange.
Once its shares are transferred to the mainboard, it would have to comply with all enhanced governance norms and regulatory frameworks applicable to mainboard-listed entities.
Until then, its shares will continue to trade on the BSE SME platform.
Important to note that Veefin’s board had approved a resolution to migrate the company’s stock from the BSE SME platform to the mainboard back in June, and also to list its shares on the NSE. The mainboard listing ambitions solidified earlier in September when the company submitted its information memorandum with the BSE. It now plans to file an application for direct listing on NSE.
Founded in 2020 by Gautam Udani and Raja Debnath, Mumbai-based Veefin develops supply chain finance and digital lending software for banks, NBFCs, fintech startups and enterprises.
The move would be a milestone given that mainboard-listed companies are typically larger in scale and more attractive to institutional investors, compared to those listed on the SME platform.
Veefin’s business has significantly evolved since it first listed on the BSE SME platform back in 2023. It has made several acquisitions and strategic investments, including taking stakes in digital marketing firm White Rivers Media, GenAI startup Walnut AI and lending enablement platform EpikInDiFi.
It has also increased in scale. The company’s Q1 FY27 net profit amounted to ₹16 Cr on operating revenue of ₹131.3 Cr. For comparison, it posted ₹32 Cr in net profit and ₹345.1 Cr in operating revenue in the entire FY26.
Veefin’s stock ended the day 3.56% lower at ₹230.45.
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