{"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 v27.4 (Yoast SEO v27.4) - 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