NSE Overview Private Confidential Then Now Particulars 1994

NSE Overview Private & Confidential

Then & Now Particulars 1994 Present Transparency Low High Reach Regional exchanges Nationwide Exchange Trading Open Outcry Electronic Technology Minimal State of art- scalability, latency, architecture Settlement risk No guarantee settlement management No risk management of Established CCP for settlement guarantee Risk measures Securities settlement World-class risk management practices Physical share certificates Dematerialization, Book entry Settlement cycles Long up to 15 days T+2, rolling settlement Exchange membership Limited On tap, Deposit based Stock exchange setup Broker run exchanges Demutualization Business continuity - BCP – Near DR site, Far DR site Compliance No standardization High level across industry Private & Confidential

EMERGE symbolises the aspirations of a large number of entrepreneurs participating in the “India growth Story” and having potential to unlock value and emerge on a bigger stage. 3

Need for capital Sustainable Growth Acquisition Innovation Capital Diversification 02 September 2021 Expansion 4

EMERGE ready companies Large company Growing phase New investors – widely distributed • Main board: Retail, institutions More external investors (VC may exit) • Private Equity Early stage Debt and Venture investor stake • Govt. Seed capital schemes • Long term debt • Angel funding ( Angel Networks) / Venture Capital funds Start-ups Promoter owned • Owner’s capital • From friends and family 02 September 2021 5

Value proposition for Issuers An exclusive platform for growing SMEs to approach capital markets as a new and viable alternative for raising capital in an efficient manner. Efficient raising of capital Higher visibility Appropriate valuation Corporate governance 02 September 2021 Credibility Migration to main board 6

Value proposition for Issuers Liquidity Borrowing terms Opportunity for M&A High calibre employees Share as collateral Access to wider capital 02 September 2021 7

Value proposition for Intermediaries Unique advantage : - In depth understanding of equity financing & deep insight into transaction ready companies IPO consultation services Corporate governance Services 02 September 2021 Higher visibility Opportunity for investor portfolio Grow with your clients 8

Regulatory framework Emerge platform status Issuer criterion Investors 02 September 2021 • Regulated by SEBI • Separate segment in NSE • Same trading members and merchant bankers as main exchange. • Same trading terminals as main board • Issuer’s Post issue paid up capital - Rs 10 -25 crore : SME/ main Board - < Rs 10 crore : SME Board only • 3 year operational history and 2 year positive cash accruals • Minimum application size: Rs. 1 lakh • Minimum trading lot : Rs. 1 lakh • Nominated investors (PE funds & QIBs) can support underwriting and market making 9

Regulatory framework IPO on EMERGE • Min 50 allottees. Dilution : at least 25%. • DRHP in same format. Only exchange observations • No grading requirement • 100% underwriting. • Market making for three years Post listing compliance • Half yearly audited accounts instead of quarterly on main board • Corporate governance norms same as main board Migration • Migration from SME to main board and main board to SME allowed subject to conditions. 02 September 2021 10

Advantages over conventional Exchange § Lower issue expenses § No draft document to be filed with SEBI for their observations Minimum no. of allottees Market makers Reduced filing requirements – half yearly financial results § No need to publish financial results 02 September 2021 11

Listing on EMERGE Capital market awareness Step 1 Appointment of intermediaries Step 2 Corporate restructure Step 3 Preparation of offer document Step 4 Due Diligence Step 5 IPO marketing Step 6 Listing Step 7 Support from NSE 02 September 2021 12

Disclaimer “The National Stock Exchange of India Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its equity shares and has filed a Draft Red Herring Prospectus dated December 28, 2016 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI and the BSE Limited at www. sebi. gov. in and www. bseindia. com, respectively and of the Managers, Citigroup Global Markets India Private Limited at http: //www. online. citibank. co. in/rhtm/citigroupglobalscreen 1. htm, JM Financial Institutional Securities Limited at www. jmfl. com, Kotak Mahindra Capital Company Limited at http: //www. investmentbank. kotak. com, Morgan Stanley India Company Private Limited at http: //www. morganstanley. com/about-us/global-offices/india/, HDFC Bank Limited at www. hdfcbank. com, ICICI Securities Limited at www. icicisecurities. com, IDFC Bank Limited at www. idfcbank. com and IIFL Holdings Limited at www. iiflcap. com. Investors should not rely on the DRHP for making any investment decision, and should note that investment in equity shares involves a high degree of risk, and for details see the section titled “Risk Factors” in the red herring prospectus, when available. Any securities referred to herein have not been and will not be registered under the U. S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. ” 02 -09 -2021 13 Private & Confidential

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Capital market awareness • Raising of fund • Trading platform for these securities Develop an understanding of the capital markets • Raising funds through an IPO • Market making • Underwriting 02 September 2021 15

Appointment of intermediaries Advisors: To guide company in IPO process. Merchant Bankers: For preparation of offer document. Registrar: Processing of dematerialisation, allotment, transfer of the shares etc Market maker: Two way eligible buy and sell quote for liquidity Legal advisor: Due diligence of offer document 02 September 2021 16

Corporate Restructuring Conversion of private limited company into a public limited company • • Alteration of Articles of association Minimum number of shareholders 7 Raise the paid up capital to minimum Rs. 5 Lacs Increase the number of directors to minimum 3 02 September 2021 17

Preparation of offer document • • Industry and business Objects and pricing Risk factors Financial information Regulatory compliances Operations Human resources Legal and statutory information 02 September 2021 18

Due Diligence • Due Diligence on the various approvals required from regulatory bodies • Due diligence on the applicability of various regulations • Risk factors associated with the company • External environment effecting the company • Magnitude and listing out of litigations • Business activity • Past performance and financial results • Material contracts and agreements • Detailed report on promoters & management 02 September 2021 19

IPO marketing • Road shows for creating awareness about the issue to the investors • Effective issuer story backed by third party research • Creating sustainable valuation • Effective communication for better results 02 September 2021 20

Listing • Submission of draft prospectus with other documents • Submission of MOA and AOA • Issuance of In-principle approval from Exchange • Submission of Application • Listing agreements & other documents 02 September 2021 21