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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 ..... 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 Board Parameter in the table given below sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the lead manager(s), file the draft fund raising document with the Social Stock Exchange where it is registered along with the fees as specified by the Social Stock Exchange and an application seeking in-principle approval for listing of its Zero Coupon Zero Principal Instruments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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) The minimum application size shall be rupees ten thousand. (5) The minimum subscription required to be achieved shall be 75% of the funds proposed to be raised through issuance of Zero Coupon Zero Principal Instruments. (6) In case of any under subscription, the not for profit organization shall, in the fund raising ..... X X X X Extracts X X X X X X X X Extracts X X X X
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