Framework on Social Stock Exchange (“SSE”)

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....k on Social Stock Exchange. 2. Pursuant to the feedback received through public consultation the Board approved amendments to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations"). SEBI vide Notification dated December 21, 2023 has notified amendments to ICDR Regulations and LODR Regulations. The Board also approved the following modifications/ additions to the aforesaid Circular : - a. In Paragraph 1, sub-paragraph A, titled "Minimum requirement to be met by a Not for Profit Organization (NPO) for registration with SSE i....

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.... "j. Social Impact Details of past social impact as per the existing practice of NPOs. 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." c. In Paragraph 1, after sub-paragraph A and before sub-paragraph B, the following new sub-paragraphs AA, AB and AC shall be inserted - "AA. Procedure for public issuance of Zero Coupon Zero Principal Instruments by a not for profit organization (1) The not for profit organization shall, through the lead manager(s), file the draft fund raising document with the Social Stock....

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....nd raising document shall contain disclosures as may be specified by the Board from time to time: Provided that the Social Stock Exchange may mandate additional disclosures in respect of the draft fund raising document and the final fund raising documents. AC. Other conditions relating to issuance of Zero Coupon Zero Principal Instruments (1) Zero Coupon Zero Principal Instruments shall be issued in dematerialized form only. (2) The Zero Coupon Zero Principal Instruments shall not be transferable from the original subscriber/ holder till the expiry of the tenure of the said instrument. (3) The minimum issue size shall be rupees fifty lakhs. (4) The minimum application size shall be rupees ten ....