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Home Economy

Social stock exchange

May 11, 2021
in Economy
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Social stock exchange
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In news: Technical group (TG) on Social Stock Exchanges (SSE) constituted by SEBI has submitted its report.

Highlights of the report-

  • The corporate foundations, political and religious organisations, professional or trade associations, infrastructure and housing companies (except affordable housing) should be made ineligible to raise funds using the SSE mechanism.
  • Both for-profit (FP) and not-for-profit organisations (NPO) should be allowed to tap the SSE provided they are able to demonstrate that social intent and impact. 
  • The panel has recommended different instruments of fundraising for NPOs and FPOs- equity, zero coupon zero principal bond (ZCZP), development impact bonds, social venture fund (SVP) and donations by investors through mutual funds.
  • It recommended that the minimum corpus size for such funds be reduced from Rs 20 crore to Rs 5 crore and the minimum subscription amount be reduced from Rs 1 crore to Rs. 2 lakh. 
  • The capacity building fund for SSE should have a corpus of Rs 100 crore and this fund should be housed under Nabard. 
  • Entities on SSE shall disclose social impact (for NPOs and FPEs) report on an annual basis covering aspects such as strategic intent and planning, approach, impact score card.
  • It has drawn a list of broad activities based on those identified by Niti Aayog under sustainable development goals that SEs can engage in.
  • These include eradicating hunger, poverty malnutrition and inequality; promoting gender equality by empowerment of women and LGBTQIA+ communities; training to promote rural sports; slum area development and affordable housing.

What is an SSE?

  • An SSE allows the listing of non-profit or non-government organisations on stock exchanges, providing them with an alternative fund-raising structure. 
  • Cancer Fund by HDFC Mutual Fund is one example.
  • It may be listed on BSE or NSE. 
  • Countries like the UK, Canada and Brazil have SSEs.
  • The SSEs will aim at unlocking large pools of social capital, and encourage blended finance structures.
  • The SSE shall be a separate segment under the existing stock exchanges.
  • Investment by companies will be considered as part of their Corporate Social Responsibility (CSR) initiatives.
  • The proposal to set up SSEs in the country was first floated during the Union Budget in 2019.
  • In September 2019, SEBI constituted a working group (WG) under the chairmanship of Tata group veteran Ishaat Hussain. 
  • In September 2020, Sebi set up the TG as it felt further expert advice and clarity was needed on the WG’s recommendation
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Source: Business Standard
Tags: Business StandardPrelims

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