Getting listed on the SME platform of BSE or NSE Emerge feels like the finish line — capital raised, visibility gained, promoter dream realised. In 28+ years of experience, I've learnt it's actually the starting gun. The company that treats listing day as "job done" is usually the one I get called into a few years later, once SEBI or the exchange has already flagged something. Why This Matters More Than Founders Expect SME-listed entities do get a lighter compliance load than

The Securities Appellate Tribunal (SAT), Mumbai, in its order dated 13.08.2026, has once again settled an important compliance question: does settling with SEBI shield a listed company from a separate fine by the stock exchange for the same violation? The Facts: 🔹 Hindustan Foods Ltd. failed to meet the minimum Independent Director requirement under Reg. 17(1)(b) of LODR Regulations (at least 50% Board strength) for periods between 27.08.2018 and 08.11.2022. 🔹 The Company