Explain the term Catalist with reference to Singapore Exchange Ltd. (SGX). How does the Catalist listing process differ from Mainboard listing process at SGX?

Unlike issuers listed on SGX's Main Board, Catalist companies are directly supervised by their sponsors. Sponsors are qualified professional companies experienced in corporate finance and compliance advisory work. They are authorised and regulated by SGX through strict admission criteria and continuing obligations. However, SGX continues to regulate issuers through its rules for admission and continuing obligation. It also retains the power to discipline them when there is a rule breach. There are two Listing processes at SGX: Mainboard Listing Process: caters to the needs of established enterprises. Companies seeking a listing on the Mainboard must meet the entry criteria, which includes minimum profit and/or market capitalisation levels. Mainboard-listed companies enjoy the prestige of an established market place and access to the widest range of institutional and retail investors. Catalist Listing Process: caters to the needs of fast growing enterprises. Companies seeking a primary listing on the Catalist must be brought to list by authorised Sponsors via an initial public offering (IPO) and reverse take-over.