Framework on Social Stock Exchange (“SSE”)

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....ated September 19, 2022 and subsequently vide circular SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated December 28, 2023 has notified the detailed framework on Social Stock Exchange. 2. Based on the recommendations of Social Stock Exchange Advisory Committee (SSEAC) and the feedback received through public consultation on the recommendations of SSEAC, 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). 3. Accordingly, the provisions of ICDR Regulations and LODR Regulations in this regard, have been amende....

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....bsp;1908 (16 of 1908) with the relevant Sub-Registrar in those States that have not enacted the law governing public trust; d) a charitable society registered under the Societies Registration Act, 1860; e) a charitable society registered under the Societies Registration Act of the relevant State; f) a company registered under section 8 of the Companies Act, 2013 (18 of 2013) including a company registered under section 25 of the repealed Companies Act, 1956. 4.2. Paragraph 1, sub-paragraph C, of the abovementioned circular titled as "Annual disclosure by NPOs on SSE which have either raised funds through SSE or are registered with SSE in terms of Reg....

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....ifications (12A, 80G, FCRA, GST, etc.). 2. The following disclosures would be made by the NPOs on an Annual Basis of the financial year by October 31st of each year or before the due date of filing the income tax return as prescribed under the provisions of the Income Tax Act, 1961, whichever is later: a. Disclosures on General aspects: i. Outreach of organization (Type and number of direct, indirect and institutional beneficiaries / stakeholders reached); ii. Details of top donors or investors of organisation - List of Top 5 donors or investors (budget wise); iii. Details of top 5 programs in disclosure period - List of Top 5 interventions/programs (budget wise). b. Disclosures on Gover....

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....ificant activity, intervention, program or project. The annual impact report shall cover 67% of the program expenditure in the previous financial year." 4.5. Paragraph 1, sub-paragraph D, clause (8) of the abovementioned circular shall be read as under- "The AIR shall be assessed by Social Impact Assessors and the SEs shall disclose the report of Social Impact Assessors along with AIR." 5. The Recognized Stock Exchanges and Depositories are directed to a) bring the contents of this circular to the notice of all the stakeholders; b) put in place necessary systems and infrastructure for monitoring and implementation of this circular; c) make consequential changes, if any, to their respective bye-laws,....