Scrrip · SME Listing Advisory · India

IPO-ready isn't a
requirement here.
It's the result.

We clean, structure, govern and fund your company until it's fit to list — hands-on, over 12–24 months, to the day it trades on NSE Emerge or BSE SME. Measured in quarters, not promises.

See the programme Where do I stand? Founding cohort open · First 10 companies get the full diagnostic free
RECENTLY RUNG THE BELL · TRIDENT FABS NSE EMERGE · ₹22.1 CR · +31% SHAKTI PRECISIONS NSE EMERGE · ₹28.4 CR · SUBSCRIBED 14.2× EASTERN AGRO BSE SME · ₹19.6 CR · OPENS 08 JUL NAVKAR WIRES BSE SME · ₹11.8 CR · LISTED SAMPLE DATA · LIVE FEED AT LAUNCH ·
0
Companies listed via NSE Emerge
₹0 Cr
Raised through SME listings
0–0 mo
Filing to listing, when run properly

EXCHANGE-PUBLISHED DATA · JULY 2026

The Path

Six acts stand between
your company and its listing.

Every SME issuer walks this exact sequence. Most stumble because nobody does the unglamorous middle. We do it for you — we paper the related-party agreements, recruit the independent directors, build the MIS, manage the conversion — and arrange the debt that funds the journey.

IEligibility

Pass the gates

₹1 crore EBITDA in two of three years. Three years of history. Positive net worth. A clean promoter record. The gates are written in the SEBI rulebook — and testable in two minutes, below.

SEBI ICDR · Amended Mar 2025
IIHygiene

Bring your books to listing standard

GST that matches your ledgers. Banking conduct without a blemish. Three years audited, monthly MIS in place. Quiet work that decides everything later.

Typical duration · 6–12 months
IIIGovernance

Fix what diligence will find

Related-party dealings papered at arm's length. Independent directors seated. Family and company finances fully separated. This is where most SME listings quietly die — yours won't.

The №1 filing killer · Solved here
IVStructure

Shape the issue

Public-company conversion. Three years restated by a peer-reviewed auditor. A clean capital table, an issue sized within the caps — and where cash flow falls short of NSE's test, a pre-IPO raise that fixes it.

OFS ≤ 20% · GCP ≤ 15% · Lock-in 3 yrs
VThe Filing

File the DRHP and face the exchange

Your documents map into draft prospectus chapters. Merchant banker, counsel, market maker and underwriter move as one team. Exchange queries answered until in-principle approval arrives.

With SEBI-registered merchant bankers
VIThe Bell

List — and live well as a public company

Subscription, allotment, listing day. Then the discipline that protects your name: results calendars, disclosures, investor relations — and, in time, the walk to the Mainboard.

159 companies have made the migration
The Programme

Twelve to twenty-four months of work.
Yours to watch. Ours to do.

This is the service. Everything else on this site — the assessment, the gates, the dashboard — exists to run it properly.

4Workstreams
11Gates cleared
QuarterlyRe-scored on evidence
WeeklyA call with your principal
The Work

Done with you.
Not handed to you as a report.

Every line below is executed alongside your team and your CA, month after month. You approve. We do the work.

✓
Related-party agreements paperedEvery family and group transaction documented at arm's length, with a pricing memo that survives diligence.
✓
GST reconciled to your booksWe sit with your CA and close the variance — line by line, month by month, until it is zero.
✓
Independent directors sourced and seatedShortlists, interviews, appointments, committee charters — the board an exchange expects to meet.
✓
MIS and internal controls builtMonthly reporting a public company runs on — not a spreadsheet rebuilt each quarter.
✓
Conversion to a public companyResolutions, MGT-14, INC-27, the new certificate of incorporation, ISIN and full demat of promoter holdings.
✓
A vault built as a prospectusEach document mapped to the chapter it will serve, graded by evidence: auditor-certified, system-parsed, management-stated.
✓
Mock diligence before real diligenceWe break your file first, so the merchant banker's team cannot.
✓
Growth debt arranged along the wayThe cleanup takes time. We fund the business while it happens, so compliance never costs you growth.
Every week
The working callYour CFO, your CA, our principal. Open items, blockers, what moves this week.
Every month
Workplan & reportWhat closed, what is next, where you stand against the rulebook.
Every quarter
The re-scoreRecomputed from evidence, not opinion. The trend is the truth.
Always
The dashboardGates, documents, risks, tasks. You never wonder where the work stands.
Practices

Three practices.
One journey.

Practice · I

Readiness & Grooming

A 12–24 month done-for-you programme: we paper your related-party agreements, seat your independent directors, reconcile GST to books, build your MIS and controls — re-scored each quarter until you are filing-ready. Not a checklist handed over. The work, done.

Practice · II

Structuring & The Filing

Conversion, restatement, capital-table work, and an issue shaped within the rulebook's caps. Then the DRHP — filed and defended with our SEBI-registered merchant banking partners until the exchange says yes.

Practice · III

Life as a Listed Company

The bell is a beginning. Disclosure calendars, results discipline, investor relations, and the measured walk toward the Mainboard — handled, so your name stays as clean as your books.

The Assessment

Where does your company
truly stand?

Twelve numbers your CFO knows by heart, tested against the actual SEBI, NSE and BSE criteria. A first-pass screen — final route advice follows document review and governance diligence.

A low score is not a rejection — unpapered related parties, GST gaps, missing governance are precisely the work we do for you. We decline only what can't be fixed honestly: admitted IBC proceedings, fraud or promoter disqualification, and founders looking for a shortcut past disclosure.

I
Scale
II
Structure
III
Standing
✦
Verdict

The scale of the company

From your audited financials — your CA can confirm each in a minute.

The shape of the issue

How the company is held, and how its cash behaves.

The standing of the promoters

Four questions the exchange will ask. Answer them here, privately.

—
Scrrip Verdict

—

—

This screen is indicative, not a final verdict. For the complete diagnostic — every rule, every gap, evidence-graded, with your route recommendation — join the founding cohort: our first 10 companies receive it free (normally a paid engagement).

Why Listings Stall

The delays don't happen
at the regulator.
They happen at your desk.

A clean company lists within months of filing. An unprepared one loses quarters — almost always to problems that were fixable a year earlier.

2.5–4 moFiling to listing, when clean
18–30 moWhen the work was never done
8–10 wksLost to diligence findings alone
№1Governance — the quiet killer
The anatomy of a delay

Where the quarters
actually disappear.

Five stages. The first one — the work nobody supervises — is where years are lost.

Where it stallsWhat actually goes wrongTime lost
Before the banker arrivesGST that will not reconcile to the ledgers · related-party dealings with no agreements · promoter and company money mixed · missing tax recordsMonths to years
Conversion & filingsDefective ROC filings · MOA/AOA mismatches · shareholding anomalies · shares not in demat2–6 weeks
Due diligenceRevenue recognition questioned · related-party pricing unsupported · licences missing · books being cleaned mid-diligence8–10 weeks
Exchange reviewSlow query responses · the site visit does not match the prospectus · the promoter is unprepared for the listing committee4–12 weeks
The issue itselfDate-rule errors · advertisement non-compliance · pricing too aggressive for the book1–2 weeks

Indicative, drawn from published exchange procedures and advisory practice. Your own timeline is estimated in the diagnostic.

Straight Answers

What every promoter asks.

Yes, if you run a ₹10–200 crore revenue business with three years of history, profitability or a clear path to it, and the will to clean up what diligence will find. Not for: pre-revenue ventures, distressed or IBC-admitted issuers, unresolved cap-table disputes, promoter disqualification situations, or anyone looking for a shortcut to a listing.

Typically ₹1.5–2.5 crore all-in for an SME issue — merchant banker, counsel, registrar, marketing — and ₹15–25 lakh a year of compliance after listing. Our fees are success-weighted and put in writing before you sign anything. If an IPO doesn't serve you, we will say so.

Scrrip runs readiness, grooming, structuring and coordination, end to end. A SEBI-registered merchant banker — engaged directly by you — lead-manages and files your DRHP. Your CA keeps the books, working with us. One accountable team coordinating your intermediaries, with every fee disclosed in writing.

A thirty-minute private call under NDA. We review your documents. Within seven working days you hold a complete gap report — every rule, every fix, your timeline. Then you decide: engage us, or keep the report with our compliments.

We are an IPO-readiness and capital advisory: diagnostics, remediation planning, governance cleanup coordination, documentation discipline, and project management to listing. We are not a SEBI-registered merchant banker, investment adviser, broker, or underwriter; we give no investment advice, guarantee no approval, timing, pricing or outcome, and never hold or route funds. All regulated activities are performed solely by SEBI-registered intermediaries engaged directly by you.

Introductions to merchant bankers, lenders, CAs, CS or registrars may involve referral arrangements. Where they do, the economics are disclosed to you in writing before you engage anyone — and the final choice of every intermediary is always yours.

Seven steps, in order: an intro call · a mutual NDA · a document request · the paid diagnostic (free for the founding cohort) · your gap report and route recommendation · a remediation mandate if we both want it · merchant-banker introductions only once your readiness crosses threshold. Regulated intermediaries enter at step seven, not step one.

If you pass the gates and your governance is close, nine to twelve months from mandate to bell is realistic. If gaps exist, eighteen to thirty months — and we will tell you which, to the quarter, in your assessment.

Engagement

Our reward sits with
your outcome.

The programme is paid monthly, because the work is monthly. The larger share comes only when your company lists — which means we are never selling you a listing you should not attempt.

The ladder

What you pay,
and when.

Nothing is owed before you know where you stand.

Readiness check
Where you stand, in two minutes
Free
The full diagnostic
Every gap, evidence-graded, with a plan and a timeline
Free for the founding cohort
The compliance programme
The work itself — monthly, for 12 to 24 months
Monthly fee
Growth debt
Funds the business through the cleanup
On sanction
Listing support
Alongside your SEBI-registered merchant banker
Weighted to listing day

And if the honest answer is that you should not list — we say so, and the report is yours to keep.

Partners

Your client will list
one day. Will you
still be there?

We work with four kinds of partners — and we pay all of them. The relationship stays yours. The work you don't have bandwidth for becomes ours.

CA / CSReferral & white-label
Debt brokersPaid twice — debt, then journey
DirectorsBoard placements
Merchant bankersPre-cleaned mandates
Four ways in

How we work
with you.

Every arrangement documented. No handshake economics.

01

Chartered Accountants & Company Secretaries

Your clients ask you about listing. You know their books better than anyone. We do the readiness work you don't have the bandwidth to run — and you stay their trusted advisor throughout. Referral economics agreed in writing; your relationship stays yours.

Referral feeWhite-label diagnosticRestatement work stays with you
02

Debt brokers & DSAs

You already sit across from promoters who need capital. Some of them are three years from an exchange and don't know it. Refer them; we arrange the debt, and if the company is listable we groom it. You are paid on the debt and again on the journey.

Debt success shareLong-tail referral
03

Independent directors

Every company we take to an exchange must seat independent directors. We keep a register of retired CFOs, bankers, auditors and operators willing to serve on SME boards. If you have run something real, we want you on our list.

Board placementsSitting feesPre-IPO boards
04

Merchant bankers

We do not compete with you — we make your diligence shorter. Companies arrive with a scored file, a reconciled data room and a promoter who has already been coached through a mock listing committee. Your eight-week diligence becomes four.

Pre-cleaned mandatesShared client, one team
Register your interest

Tell us who you are.

A principal responds within one working day. Every arrangement is documented — no handshake economics.

We are selective about partners for the same reason we are selective about clients.

Enquire

A principal responds within one working day.

Every enquiry is read by a principal, not a call centre. Conversations begin under NDA. Your documents are seen only by those you approve.

The protocol. NDA before any document moves. Controlled-access vault, every view logged. Findings graded by evidence — management-stated, document-backed, auditor-certified. Nothing shared with any partner without your written approval. Everything returned or destroyed on disengagement.
Prefer to speak now? Ask the Desk · WhatsApp +91 70777 03170 · hello@scrrip.com
NO FEE BEFORE MANDATE · NO OBLIGATION AFTER THE REPORT

Meraki Industries

Manufacturing · Bhubaneswar · FY25 Revenue ₹42.6 Cr
Act III · Governance

The road to the bell — 11 gates

✓
BoardG1
✓
EGMG2
✓
ROCG3
4
ISINnow
5
MB DDscore ≥75
6
In-Principleexchange
7
RHPROC
8
Open3–10 d
9
Close≥90%
10
AllotT+2
11
ListedT+3

Readiness

Re-scored each quarter from your uploads

68/100
Groom 18 months
Prospectus pack16 of 22 documents
Score trajectory61 → 68 → 86 projected at filing

Requires attention

From your compliance monitor

GSTR-3B May — overdue six days; hygiene score at risk
RPT register Q1 — pending; blocks the quarterly re-score
Independent director search — three profiles shared for review

Document Vault

One vault, structured as a draft prospectus is. Every finding graded by evidence: auditor-certified · system-parsed · management-stated.

Corporate & KYC
7 of 7
Financials
5 of 5
Tax & GST
3 of 4
Banking
4 of 4
Legal & Contracts
2 of 4
Capital Table
2 of 2
Governance
1 of 3
Business
4 of 5
DocumentRead & checkedServesStatus
Audited financials FY23–25Revenue ₹42.6 Cr · PAT ₹3.4 Cr
AUDITOR-CERTIFIED		Score · Prospectus financialsVerified
Bank statements × 12 monthsNo bounces · average balance ₹68 L
SYSTEM-PARSED		HygieneRead
GSTR-3B · May 2026—Hygiene −3 until filedMissing
Related-party register · Q1—Blocks re-scoreMissing
Debtor ageing · Jun 2026Top five 34% · over-90-day 6%
MANAGEMENT-STATED		Working-capital qualityVerified

The rule grid

Every criterion, its source, your position — nothing hidden behind a score

RuleSourcePosition
EBITDA ≥ ₹1 Cr in 2 of 3 yearsSEBI ICDR · Mar 2025Pass · ₹4.1 / ₹5.0 Cr
Post-issue paid-up capital ≤ ₹25 CrICDR Ch. IXPass · est ₹9 Cr
Three-year track recordExchange normsPass · 11 years
Positive FCFE in 2 of 3 yearsNSE · Apr 20261 of 3 — repairable via pre-IPO raise
Net worth ₹1 Cr in each of 2 yearsBSE SMEPass · ₹14.2 Cr
Promoter ≥ 20% post-issue, locked 3 yearsSEBI ICDRCommitted
Board & governance readinessScrrip standard7 of 15 — Act III underway
Related-party & audit hygieneScrrip standard8 of 15 — papering in progress
Route counsel: the FCFE shortfall closes either by filing BSE SME, or by a pre-IPO raise counted under NSE's April 2026 computation. To be decided with your principal.

Grooming programme

Eighteen months · filing targeted H2 FY28 · re-scored quarterly

Quarter I · Done
Baseline & MISScore baselined at 61 · monthly MIS live
Quarter II · Now
GST reconciliation & related-party papering4.2% ledger gap closing · agreements at counsel
Quarter III
The boardTwo independent directors · audit committee
Quarter IV
Public conversion & restatementPeer-reviewed auditor · opens Structuring
Quarters V–VI
Merchant banker → the filingValuation, issue shape, DRHP

Programme health

The view your principal watches

Milestones on time7 of 9
Score trajectory61 → 68, two quarters
Projected at filing86 · filing-ready
Watch: the independent-director search must conclude before Quarter III. Three profiles await your review.
Opens at Quarter IV — conversion, restatement, capital-table work, and the shape of your issue within the rulebook's caps.

The caps that shape your issue

RuleLimit
Offer for sale≤ 20% of issue · sellers ≤ 50% of holdings
General corporate purpose≤ 15% or ₹10 Cr, whichever is lower
Repaying promoter loans from proceedsProhibited
Promoter lock-inMinimum contribution 3 yrs · excess 50% / 50% over 2 yrs
Monitoring agencyMandatory above ₹50 Cr
Opens with the merchant banker — your vault becomes the draft prospectus; exchange queries are tracked to in-principle approval; communications coached through the issue period.

Vault → prospectus

Vault folderProspectus chapterReady
FinancialsFinancial statements, restated73%
GovernanceOur management33%
Legal & ContractsLegal & other information50%
BusinessOur business · risk factors80%
Capital TableCapital structure100%
Opens on listing day — the disclosure calendar, results discipline, investor relations, and the measured walk toward the Mainboard.
The Desk
Good day. Ask anything about SME listing eligibility, the SEBI and exchange rules, or how Scrrip works — plain answers, no sales.