New Delhi, March 1 -- India's once busy SME-to-mainboard migration route has slowed sharply. Tougher rules, volatile markets and heightened governance scrutiny have cooled the graduation cycle that had gathered pace during the 2020-22 bull run.

A higher eligibility bar introduced in 2025 by the National Stock Exchange raised the threshold for graduation, reshaping the scale at which companies can aspire to move up.

The revised migration framework required small and medium enterprises (SMEs) to report revenue from operations exceeding Rs.100 crore in the preceding financial year and maintain an average market capitalisation above Rs.100 crore. Promoter shareholding at the time of application cannot fall below 50% of what was held at list...