SME securities issuance framework: mandatory underwriting, SME exchange listing, compulsory market making, and migration rules. A new Chapter XA creates a dedicated SME issuance framework requiring that offers be one hundred percent underwritten, merchant bankers submit prescribed due diligence and undertakings, filings with the Board be limited to final offer documents (with no Board observations), compulsory market making is mandated for a minimum period on SME exchange, listing must be on the SME exchange, and migration between SME exchange and Main Board is allowed subject to shareholder special resolutions and eligibility criteria.