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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Revision in the detailed Framework on Social Stock Exchange

28-Dec-2023 | SEBI/HO/CFD/PoD-1/P/CIR/2023/196

SEBI has revised the Framework on Social Stock Exchange issued vide its circular SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated September 19, 2022 . By virtue of this circular the following modifications/ additions to the aforesaid Circular:- 1. In Paragraph 1, sub-paragraph A, titled ''Minimum requirement to be met by a Not for Profit Organization (NPO) for registration with SSE in terms of Regulation 292F of the ICDR Regulations under the broad parameter Exemption under Income-tax Act, 1961:- i) Details regarding pending notices or scrutiny cases from all regulatory and statutory authority shall be disclosed at the time of making the application for the registration shall be given and Fines or penalties if imposed shall be disclosed as paid or appealed within 7 days. ii) In the broad parameter Deduction under Income-tax Act, 1961 a valid 80G registration under Income Tax Act, 1961 for entities registered under section 12A/ 12AA/ 12AB of the Income-tax Act, 1961 is required. 2. In Paragraph 1, in sub-paragraph B the reference of 'Regulation 292K(1)' in the title of sub-paragraph B is substituted by 'Regulation 292K' 3. In Sub-paragraph B(2)(j) The past social impact should highlight trends in key metrics/ parameters relevant to the NPO (as may be determined by the Exchanges) for which it seeks to raise funds on SSE, number of beneficiary, cost per beneficiary and administrative overheads. 4. The following sub-paragraphs are inserted:- i) AA. Procedure for public issuance of Zero Coupon Zero Principal Instruments by a not for profit organization ii) AB. Contents of the fund raising document. iii) AC. Other conditions relating to issuance of Zero Coupon Zero Principal Instruments

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