TMI BlogFramework on Social Stock Exchange (“SSE”)X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 in terms of Regulation 292F of the ICDR Regulations , the following requirement under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 292K . ii. Sub-paragraph B(2)(j) shall be substituted with the following : 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use (1) above, the draft fund raising document and the final fund 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
