| SM Application | ECM Application |
| To be traded on the SM, companies apply to the ISE within the framework of the Listing Regulation. | To be traded on the ECM, companies apply to the ISE within the framework of the ISE ECM Regulation. |
| Both qualitative and quantitative criteria are sought in the Listing Regulation (such as profitability, operational age, capital amount, market capitalization etc.) for listing and trading on the ISE listed market. Applications for trading on the unlisted markets are evaluated according to the circular of the relevant market. | Neither qualitative nor quantitative admission criteria are sought for trading on the ECM Regulation. |
| Due examination is done by the ISE. The applying company is admitted to an appropriate listed or un-listed market upon the Executive Council’s decision. | Due examination is done by a market advisor and the results are reported to the ISE along with the supporting documents. If the market advisor presents a positive view in the report, the company shares can be admitted to the ECM Directory upon the Executive Council’s decision. |
| Shares of the existing shareholders can be traded on the SM. | Only the shares on the ECM Directory can be traded on the ECM. |