Veefin Receives In-Principle Approval From BSE For Mainboard Migration

Veefin Solutions has secured in-principle approval from the BSE's Internal Regulatory Oversight and Review Group to migrate its shares from the exchange's SME Platform to the mainboard, per Inc42. The fintech SaaS company, founded in 2020 by Gautam Udani and Raja Debnath, must complete several listing conditions within a 45-day validity window to finalize the migration.

Under the migration framework, Veefin must file a formal listing application, submit an updated final information memorandum under Section 26 of the Companies Act 2013, execute the Listing Agreement, and submit its latest shareholding pattern and financial results compliant with SEBI regulations. The company noted in an exchange filing that it is "currently in the process of completing the final listing formalities as prescribed by the exchange." Until the migration completes, its shares will continue to trade on the BSE SME platform. Once transferred to the mainboard, the company will have to comply with enhanced governance norms and regulatory frameworks applicable to mainboard-listed entities.

Veefin's board had approved the mainboard migration resolution in June, alongside plans to list on the NSE as well. The company submitted its information memorandum to the BSE in September and now plans to file a direct listing application on the NSE. The migration marks a significant step: mainboard-listed companies are typically larger in scale and more attractive to institutional investors than those on the SME platform.

The Mumbai-based company has grown substantially since listing on the BSE SME platform in 2023. It develops supply chain finance and digital lending software for banks, NBFCs, fintech startups and enterprises. Veefin has made several acquisitions and strategic investments, including stakes in digital marketing firm White Rivers Media, GenAI startup Walnut AI, and lending enablement platform EpikInDiFi. Its Q1 FY27 net profit reached ₹16 Cr on operating revenue of ₹131.3 Cr; in full-year FY26, it posted ₹32 Cr in net profit and ₹345.1 Cr in operating revenue. On news of the approval, Veefin's stock closed 3.56% lower at ₹230.45.