With a view to enhancing SME listing experience, BSE SME has provided Merchant Bankers a generative artificial intelligence-driven pre-check facility for self-validation of the draft offer document.

Merchant Bankers would be provided with secure access to SFTP folders, wherein they can upload the draft offer document. The AI enabled at the Exchange would analyse the document with respect to SEBI and the Exchange requirements along with other basic criteria and generate a downloadable report that highlight areas where merchant bankers need to focus to make the draft offer document ready for formal filing.

The pre-filing exercise will expedite issues related to preliminary observations and upon formal filing of the draft offer document, the Exchange would still scrutinise the document holistically before issuing the in-principle approval, said BSE SME in a statement.

Makarand M Joshi, Founder partner of MMJC associates, a corporate compliance firm, said validation of draft offer documents before this move used to take about a week, but now the same can be done in about 30-40 minutes.

This initiative, which is advisory in nature initially, may reduce IPO listing timeline, besides empowering intermediaries to identify and resolve potential compliance gaps at an early stage in the IPO process, he added.

Published on June 19, 2025