Social Stock Exchange establishes NPO registration, ZCZP issuance, disclosure and governance requirements for social fundraising. The Master Circular consolidates the Social Stock Exchange framework: it prescribes NPO registration eligibility, procedures and disclosures for public issuance of Zero Coupon Zero Principal instruments (ZCZP), minimum initial and annual disclosure requirements including Annual Impact Reports assessed by Social Impact Assessors, quarterly utilization reporting, recognition of Self Regulatory Organisations for assessors, and establishment and terms of a Social Stock Exchange Governing Council; prior circulars on SSE are rescinded with transitional continuity provisions.