Market making obligations require continuous two-way quoting, guaranteed execution, capital adequacy and exchange monitoring for SME listings. Market making on the SME exchange is mandatory for listed scrips and regulated through registration, operational obligations and exchange monitoring. Market Makers must meet exchange eligibility, commence quoting from listing/designation, provide continuous two-way quotes for a prescribed portion of trading time, guarantee execution at quoted price and quantity, maintain minimum quote depth, pre-notify blackout periods, and may be limited in number per scrip. Exchanges must publish Market Maker lists, link allowable coverage to capital adequacy, levy all margins without waiver, monitor compliance and impose disciplinary penalties. Exchanges shall prescribe maximum bid-ask spreads and may set price bands, with spreads for new issues disclosed in the offer document.