{"id":373478,"date":"2026-01-22T15:00:30","date_gmt":"2026-01-22T09:30:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=373478"},"modified":"2026-01-22T15:25:12","modified_gmt":"2026-01-22T09:55:12","slug":"sebi-issued-master-circular-social-stock-exchange","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/22\/sebi-issued-master-circular-social-stock-exchange\/","title":{"rendered":"SEBI issued Master Circular on Social Stock Exchange"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 19-1-2026, the Securities Exchange Board of India (&#8216;SEBI&#8217;) issued a <span style=\"font-weight: bold;\">Master circular for Framework on Social Stock Exchange (&#8216;SSE&#8217;).<\/span> It is a regulatory framework governing registration, fundraising, disclosures, impact reporting, and governance for Social Enterprises and Not-for-Profit Organisations (&#8216;NPOs&#8217;).<\/p>\n<h3>Key Highlights of Master Circular on Social Stock Exchange:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>This circular consolidates all previous directions, amendments, and regulatory requirements relating to the operations of Social Stock Exchanges under the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000445819\" target=\"_blank\">SEBI (ICDR) Regulations, 2018<\/a><\/span> and <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000488887\" target=\"_blank\">SEBI (LODR) Regulations, 2015<\/a><\/span>.<\/p>\n<\/li>\n<li>\n<p>The Social Stock Exchange is designed to enable Not-for-Profit Organisations and eligible for-profit Social Enterprises to raise funds in a regulated, transparent, and credible manner.<\/p>\n<\/li>\n<li>\n<p>This Master Circular provides detailed provisions for:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Registration of NPOs on the SSE<\/p>\n<\/li>\n<li>\n<p>Public issuance of <span style=\"font-weight: bold;\">Zero Coupon Zero Principal Instruments (ZCZP)<\/span><\/p>\n<\/li>\n<li>\n<p>Mandatory disclosures and reporting<\/p>\n<\/li>\n<li>\n<p>Annual Impact Reports (&#8216;AIR&#8217;)<\/p>\n<\/li>\n<li>\n<p>Roles and responsibilities of Social Impact Assessors<\/p>\n<\/li>\n<li>\n<p>Governance through a dedicated SSE Governing Council<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>By combining all relevant circulars into one document, SEBI aims to simplify compliance and ensure uniformity across SSE platforms.<\/p>\n<\/li>\n<li>\n<p>NPOs seeking registration on an SSE will have to meet stringent legal, financial, and operational norms, including:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Registration as a charitable trust, society, or Company under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001537751\" target=\"_blank\">8<\/a> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002766251\" target=\"_blank\">Companies Act, 2013<\/a>.<\/p>\n<\/li>\n<li>\n<p>Valid Income Tax registrations (12A\/12AA\/12AB\/10(23C)\/10(46)).<\/p>\n<\/li>\n<li>\n<p>Valid PAN.<\/p>\n<\/li>\n<li>\n<p>Transparent ownership and control structure.<\/p>\n<\/li>\n<li>\n<p>Minimum 3 years of existence.<\/p>\n<\/li>\n<li>\n<p>At least &#8377;50 lakhs of spending in the previous financial year.<\/p>\n<\/li>\n<li>\n<p>At least &#8377;10 lakhs of funding received in the previous financial year.<\/p>\n<\/li>\n<li>\n<p>Disclosure of pending regulatory notices, scrutiny, penalties, or litigations.<\/p>\n<\/li>\n<li>\n<p>Updated documentation such as MoA, Trust Deed, FCRA certificates, audited accounts, and governance details.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>An innovative fundraising avenue on SSE is the <span style=\"font-weight: bold;\">Zero Coupon Zero Principal Instruments<\/span> (&#8216;ZCZP&#8217;) instrument, which offers <span style=\"font-weight: bold;\">zero financial return<\/span> but enables investors to contribute to verified social impact.<\/p>\n<\/li>\n<li>\n<p>Key conditions include:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Minimum issue size: <span style=\"font-weight: bold;\">&#8377;50 lakhs<\/span><\/p>\n<\/li>\n<li>\n<p>Minimum application size: <span style=\"font-weight: bold;\">&#8377;1,000<\/span><\/p>\n<\/li>\n<li>\n<p>Non-transferable until maturity<\/p>\n<\/li>\n<li>\n<p>Issued only in <span style=\"font-weight: bold;\">dematerialized form<\/span><\/p>\n<\/li>\n<li>\n<p>Mandatory minimum subscription of <span style=\"font-weight: bold;\">75%<\/span><\/p>\n<\/li>\n<li>\n<p>Refund if subscription falls below 75%<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; Draft fundraising document subject to:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; 21day public comment<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; SSE scrutiny and observation period<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#9675; Final filing prior to issue opening<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>All social enterprises that raise funds through SSE will submit a duly assessed Annual Impact Report by October 31 each year.<\/p>\n<\/li>\n<li>\n<p>To ensure professional and standardized impact assessment, SEBI notifies the following as <span style=\"font-weight: bold;\">Self-Regulatory Organizations<\/span>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>ICAI Social Auditors<\/p>\n<\/li>\n<li>\n<p>ICMAI Social Auditors Organisation (&#8216;SAO&#8217;)<\/p>\n<\/li>\n<li>\n<p>ICSI Institute of Social Auditors (&#8216;ISA&#8217;)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>These bodies regulate, certify, and set standards for Social Impact Assessors.<\/p>\n<\/li>\n<li>\n<p>Each SSE will constitute a <span style=\"font-weight: bold;\">Social Stock Exchange Governing Counci<\/span>l (&#8216;SGC&#8217;) consisting of at least seven members, representing:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Philanthropic\/social sector donors<\/p>\n<\/li>\n<li>\n<p>NPOs<\/p>\n<\/li>\n<li>\n<p>Information repositories<\/p>\n<\/li>\n<li>\n<p>Social impact investors<\/p>\n<\/li>\n<li>\n<p>Social audit profession\/SROs<\/p>\n<\/li>\n<li>\n<p>Capacity-building institutions<\/p>\n<\/li>\n<li>\n<p>Stock Exchange officials<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The <span style=\"font-weight: bold;\">SGC<\/span> provides oversight on listing, disclosures, governance, feedback mechanisms, and development of SSE.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">SEBI has issued a Master Circular to consolidate and streamline the entire regulatory framework for the Social Stock Exchange.<\/p>\n","protected":false},"author":67525,"featured_media":373484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[97326,29692,97329,29691,97324,97325,2563,52822,41404,97323,55974,97320,97327,97328,97321,97322],"class_list":["post-373478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-annual-impact-report","tag-icai","tag-icmai","tag-icsi","tag-not-for-profit-organisations","tag-npo","tag-SEBI","tag-sebi-circulars","tag-sebi-regulations","tag-social-enterprises","tag-social-impact-assessment","tag-social-stock-exchange","tag-social-stock-exchange-governing-council","tag-sro","tag-sse-framework","tag-zczp-instruments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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The amendment inserts a Chapter X-A dealing with Social Stock Exchange (\u2018SSE'). Key Points: Applicablilty: to\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270725,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/27\/sebi-introduces-chapter-on-obligations-of-social-enterprises-vide-sebi-listing-obligations-and-disclosure-requirements-fifth-amendment-regulations-2022\/","url_meta":{"origin":373478,"position":1},"title":"SEBI introduces Chapter on Obligations of Social Enterprises vide SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022","author":"Editor","date":"July 27, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 25-07-2022, the Securities and Exchange Board of India has issued SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022 to amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The amendment inserts Chapter IX-A dealing with Obligations of Social Enterprises.\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270796,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/28\/sebi-inserts-definition-of-social-impact-fund-vide-sebi-alternative-investment-funds-third-amendment-regulations-2022\/","url_meta":{"origin":373478,"position":2},"title":"SEBI inserts definition of Social Impact Fund vide SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022","author":"Editor","date":"July 28, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 25-07-2022, the Securities Exchange Board of India(\u2018SEBI') has issued SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022 to amend the SEBI (Alternative Investment Fund) Regulations, 2012 The amendment: Insertion of definitions: 1. \u201cSocial impact fund\u201d means an Alternative Investment Fund which invests primarily in securities, units or\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219980,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/25\/sebi-constitutes-working-group-on-social-stock-exchanges-sse\/","url_meta":{"origin":373478,"position":3},"title":"SEBI constitutes working group on \u2018Social Stock Exchanges\u2019 (SSE)","author":"Bhumika Indulia","date":"September 25, 2019","format":false,"excerpt":"The Hon\u2019ble Finance Minister as part of the Budget Speech for FY 2019-20 had proposed to initiate steps towards creating a social stock exchange, under the regulatory ambit of Securities and Exchange Board of India, for listing social enterprise and voluntary organizations. Pursuant to initial discussions with various stakeholders, SEBI\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":250918,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/07\/sebi-issues-master-circular-for-stock-exchange-and-clearing-corporations\/","url_meta":{"origin":373478,"position":4},"title":"SEBI issues Master Circular for Stock Exchange and Clearing Corporations","author":"Prachi Bhardwaj","date":"July 7, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued Master Circular No. SEBI\/HO\/MRD2\/MRD2_DCAP\/P\/CIR\/2021\/0000000591 dated July 05, 2021, for Stock Exchanges and Clearing Corporations. This Master Circular shall supersede previous Master Circular SEBI\/HO\/MRD\/DP\/CIR\/P\/117 dated October 25, 2019. SEBI has been issuing various direction to stock exchanges and clearing corporations from time\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83611,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/02\/sebi-to-freeze-promoter-and-promoter-group-demat-accounts-for-non-compliance-with-sebi-listing-obligations-and-disclosure-requirements-regulations-2015\/","url_meta":{"origin":373478,"position":5},"title":"SEBI to freeze Promoter and Promoter group demat accounts for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015","author":"Saba","date":"November 2, 2016","format":false,"excerpt":"Sub: Freezing of Promoter and Promoter group Demat accounts for non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 1. SEBI, vide Circular No. CIR\/CFD\/CMD\/12\/2015 dated November 30, 2015, had prescribed the uniform fine structure for non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/373478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67525"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=373478"}],"version-history":[{"count":3,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/373478\/revisions"}],"predecessor-version":[{"id":373486,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/373478\/revisions\/373486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/373484"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=373478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=373478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=373478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}