Listing on Institutional Trading Platform allows SME securities to list without a public offer, limited to informed investors and private funding. Listing on an Institutional Trading Platform permits SMEs and start-ups to list specified securities on an SME Exchange without making an initial public offering, accessible only to informed investors. Eligible companies must meet fitness criteria, financial vintage and size limits, and demonstrate minimum investments from specified investor categories. Listed companies cannot undertake public offers while on ITP, may raise capital only by private placement or restricted rights issues, must maintain minimum promoter shareholding locked-in for a period, and are subject to prescribed exit, delisting and disclosure liabilities.