Circular No. HO/49/14/(10)2026-CFD-POD1/I/9380/2026, Dated 15.04.2026
The Securities and Exchange Board of India (SEBI) has reviewed and amended the Social Stock Exchange (SSE) framework to facilitate ease of fundraising and promote greater participation by not-for-profit organisations (NPOs).
1. Extension of Registration Period
- NPOs can now remain registered on the SSE without undertaking fundraising for up to 3 years
- Earlier limit – 2 years
- Extension is subject to approval by the Social Stock Exchange
2. Reduction in Minimum Subscription Requirement
- The minimum subscription threshold for issuance of Zero Coupon Zero Principal Instruments (ZCZP) has been reduced from 75% to 50%
- This is subject to:
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- The exchange undertaking due diligence
- Ensuring that funds raised can be meaningfully deployed as per stated objectives
3. Disclosure Requirements
- In cases of under-subscription, issuers must make appropriate disclosures in the fund-raising document
- Ensures transparency and informed decision-making
4. Objective of the Amendments
The changes aim to:
- Improve fundraising flexibility for NPOs
- Encourage wider participation in the SSE ecosystem
- Support impact-driven capital formation
5. Effective Date
- The amendments have been made through changes to the Master Circular
- They are effective immediately
6. Conclusion
These reforms reflect SEBI’s intent to strengthen the Social Stock Exchange ecosystem, making it more accessible, flexible, and conducive for not-for-profit organisations to raise funds and scale their social impact initiatives.
Click Here To Read The Full Circular
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