The Securities and Exchange Board of India (SEBI) on December 28, 2023, issued a modification to the Framework on Social Stock Exchange (“SSE”).
SEBI vide its circular SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated September 19, 2022, notified the detailed framework on the Social Stock Exchange.
The Board also approved the following modifications/ additions to the aforesaid Circular-
•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”, the requirement under the Board Parameter is mentioned in the table attached to the document.
•In Paragraph 1, after sub-paragraph A and before sub-paragraph B, the AA. Procedure for public issuance of Zero Coupon Zero Principal Instruments by a not-for-profit organization, AB. Contents of the fundraising document, AC. Other conditions relating to issuance of Zero Coupon Zero Principal Instruments new sub-paragraphs AA, AB and AC shall be inserted.
[Notification No. SEBI/HO/CFD/PoD-1/P/CIR/2023/196]
