Mumbai; June 26, 2026 — National Stock Exchange MD & CEO Ashish Chauhan used the JITO Incubation and Innovation Foundation (JIIF) Foundation Day platform on Friday to make a simple, practical case to founders: treat public listing as a strategic growth lever, not a short‑term scoreboard.
Speaking at an event themed “Compounding Bharat: Innovation Multiplied by Entrepreneurship,” Chauhan told entrepreneurs, investors and founders that capital markets can provide more than money — they bring governance, credibility, talent attraction and a new currency for expansion. “Founders should focus on building profitable, sustainable businesses rather than being distracted by short‑term stock price movements,” he said.
A pragmatic roadmap
Chauhan broke down the mechanics in clear terms. Listing doesn’t mean giving up control, he said — a promoter can offer 25% of equity to the market initially and retain 75%, diluting further only as the business needs capital. “When you list, you keep 75% with yourself and offer 25% to the market in the beginning. You can give more later. Control stays with you,” he explained. He also argued that public markets can meaningfully revalue a well‑run business. Using a simple example, Chauhan said a company with annual profits of Rs 2 crore could command a market capitalisation of Rs 40–50 crore once listed, creating room to raise capital, bring in partners and accelerate growth.
Beyond capital: currency, talent and governance
Listing, Chauhan noted, gives companies a usable currency — shares that can be used for acquisitions, partner incentives and employee stock options. He cited Infosys’ early use of ESOPs by N. R. Narayana Murthy and Nandan Nilekani as a case where stock helped attract talent that cash alone could not. He stressed that listing also improves governance and credibility, brings analyst coverage, eases access to bank finance and makes succession planning simpler. On compliance concerns, he said the burden is lower than commonly assumed and is normally handled by a company secretary.
Addressing fears and ground realities
Chauhan tackled two common founder worries directly. On hostile takeovers, he reassured the audience that control remains with the promoter and ownership cannot be forced upon them. On share‑price volatility, he warned founders against mistaking market movements for business performance: “Your business is in your operations, not in the share price. The stock market is only a reflection of your business, it is not the business itself.” He also noted practical support for smaller listings: NSE’s SME platform — launched in 2012 — has helped companies raise over Rs 21,700 crore and hold a combined market value above Rs 2 lakh crore. The market‑maker mechanism provides two‑way quotes for three years, helping liquidity for smaller issuers.
A call to scale
Chauhan was blunt about ambition: MSMEs doing Rs 10–20 crore in revenue should be planning for Rs 200 crore and beyond. He acknowledged SME models carry higher risk than main‑board firms, but added that investors in the segment understand the trade‑off and that well‑run SMEs can scale rapidly.
JIIF’s role and momentum
JIIF chairman Jeenendra Bhandari framed the event as a checkpoint in a growing ecosystem. Over nine years, JIIF has run four incubation cohorts, channelled over Rs 60 crore in startup investments, built a network of 20+ ecosystem partners, and partnered with 30+ national and regional organisations. The foundation also secured a Rs 5 crore MSInS grant and a Rs 2 crore SISFS grant and launched a 5,000 sq ft incubation centre in Mumbai.
Why it matters?
Practical framing: Chauhan translated listing mechanics into founder-friendly terms — control, valuation uplift and a new expansion currency.
Policy and product fit: Existing SME listing routes and market‑maker support lower entry friction for smaller firms.
Cultural signal: An exchange chief publicly encouraging listings helps remove stigma around public markets for startup founders focused on private capital.
Strategic implication: If more MSMEs and startups view listing as a tool rather than an end, India could see faster formalisation, better governance and broader participation in growth outcomes.
By : Sejal Thakur
