SME institutional trading platform listing allows listing without IPO subject to eligibility, disclosure and restricted capital raising rules. A framework allows SMEs to list specified securities on an institutional trading platform without an IPO, subject to defined eligibility (clean regulatory record, limits on age, revenue and paid up capital, audited accounts and prior institutional or validated investment or financing). Listing requires filing an information document with prescribed disclosures, public hosting, in principle exchange approval and adherence to exchange bye laws. Public offers are prohibited while listed; capital may be raised by private placement or rights issue under disclosure, shareholder approval and pricing safeguards. Promoter shareholding minimums, lock in, trading dematerialisation and exit/delisting rules are specified.