There are two types of securities that a company can list on the Maldives Stock Exchange;

1. Equity

2. Debt

A company can list these securities in the ways below.

1. by making an offer to the public of the company’s own securities.
2. by the company’s existing security holders making an offer to the public
3. by way of introduction where MSE grants a security issued by a company a listing without the requirement of a public offering of its securities in very exceptional circumstances.

Listing Requirements

In order to list, first check whether the company meets the listing requirements below. The requirements differ based on whether the company is listing equity or debt and on the board it is listing on.

1. Equity

   1. First Board
      To list on the Equity First Board, companies should meet the following requirements.

      1. issued and paid up capital of the company should be a minimum of MVR 5,000,000.
      2. shareholder’s funds should be the same or greater than the company’s equity.
      3. the subscription open for public should not be less than any of the following
         1. a minimum of 10% of issued and paid up share capital including the proposed offer
         2. a minimum of 250,000 shares or shares with total face value of MVR 500,000

   2. Second Board
      To list on the Equity Second Board, companies should meet the following requirements.

      1. issued and paid up capital must meet the minimum capital requirements of a public company, as per the Companies Act 1996
      2. shareholder’s funds are the same or greater than its equity
      3. The subscription open for public should not be less than any of the following
         1. A minimum of 5% of issued and paid up share capital including the proposed offer
         2. A minimum of 100,000 shares or shares with total face value of MVR 50,000

   3. Start up Board
      To list on the Equity Start up Board, companies should meet the following requirements.

      1. Offer to the public its own securities.
      2. issued and paid up capital must meet the minimum capital requirements of a public company, as per the Companies Act 1996

1. Debt

   1. First Board
      To list on the Debt First Board, companies should meet the following requirements.

      1. The issuer of debt securities must
      2. have completed at least three financial years of trading
      3. have realized profit for the last two consecutive financial years
      4. not be in procedure for declaring liquidation or insolvency

      The issuer of debt securities must also comply with the following

      1. must provide MSE financial statements of the last three years
      2. debt securities must be either secured by collateral or guaranteed
      3. grant security holders the unconditional right to receipt of principal and interest due
      4. obtain a credit rating for the issue of debt securities from a Credit Rating Agency licensed or approved by CMDA
      5. pay interest and principal when due
      6. interest payments must be on dates fixed in advance
      7. number of months between two interest payments must be the same for the entire period of security.

   2. Start up Board
      To list on the Debt Start up Board, companies should meet the following requirements.

      1. must not be in the process of declaring liquidation or insolvency.
      2. must comply with the following
      3. must provide financial statements of the last three years to MSE
      4. debt securities must be either secured by collateral or guaranteed
      5. grant security holders the unconditional right to receipt of principal and interest due
      6. obtain a credit rating for the issue of debt securities from a Credit Rating Agency licensed or approved by CMDA
      7. pay interest and principal when due
      8. interest payments must be on dates fixed in advance
      9. number of months between two interest payments must be the same for the entire period of security.