New Delhi, Capital markets regulator Sebi on Monday asked social enterprises that have registered or raised funds through social stock exchanges (SSEs) to list on such exchanges by the end of October for the financial year 2023-24. Submit an 'Annual Impact Report'.
The annual impact report submitted to the SSE reflects the qualitative and quantitative aspects of the social impact generated by the social enterprise. If a Not-for-Profit Organization (NPO) is merely registered without listing any security, such report is required to cover the significant activities, interventions and programs of the NPO, among others.
"Social enterprises that have registered or raised funds through SSE will be required to submit annual impact reports to SSE by October 31, 2024, for the financial year 2023-24," Sebi said in a circular.
In September 2023, SEBI asked social enterprises raising funds using SSE to disclose annual impact reports within 90 days from the end of the financial year.For the purpose of assessing the impact generated by social activities by social enterprises, SEBI has designated additional agencies – ICMAI Social Auditor organization under the Institute of Cost Accountants of India and ICSI Institute of Social Auditors under the Institute of Company Secretaries of India. - - A self-regulatory organization (SRO) for social impact evaluators in the context of SSE.
These are eligible to act as a platform to register social auditors. These are in addition to the SROs mentioned under the Institute of Chartered Accountants o India (ICAI) for social impact assessors.
A Social Impact Assessor means a person registered with a self-regulatory organization under the Institute of Chartered Accountants of India or such other agency, who has qualified in the certification program conducted by the National Institute of Securities Markets (NISM).
SSE is a new concept in India and is a separate segment of the existing stock exchange, which helps social enterprises to raise funds publicly through the stock exchange mechanism.Social enterprises eligible to participate in SSE are organizations – NPOs are for-profit social enterprises – whose primary goal is social intent and impact. Furthermore, such intention should be demonstrated by focusing on worthy social objectives for the deprived or less privileged populations of the areas.
Social enterprises must engage in one of the 16 BroA social activities listed by the regulator. Eligible activities include the eradication of hunger, poverty, malnutrition and inequality; promoting health care, education, employment and livelihood support; Gender equality empowerment of women and LGBTQIA+ communities; and supporting social enterprise incubators.
The annual impact report submitted to the SSE reflects the qualitative and quantitative aspects of the social impact generated by the social enterprise. If a Not-for-Profit Organization (NPO) is merely registered without listing any security, such report is required to cover the significant activities, interventions and programs of the NPO, among others.
"Social enterprises that have registered or raised funds through SSE will be required to submit annual impact reports to SSE by October 31, 2024, for the financial year 2023-24," Sebi said in a circular.
In September 2023, SEBI asked social enterprises raising funds using SSE to disclose annual impact reports within 90 days from the end of the financial year.For the purpose of assessing the impact generated by social activities by social enterprises, SEBI has designated additional agencies – ICMAI Social Auditor organization under the Institute of Cost Accountants of India and ICSI Institute of Social Auditors under the Institute of Company Secretaries of India. - - A self-regulatory organization (SRO) for social impact evaluators in the context of SSE.
These are eligible to act as a platform to register social auditors. These are in addition to the SROs mentioned under the Institute of Chartered Accountants o India (ICAI) for social impact assessors.
A Social Impact Assessor means a person registered with a self-regulatory organization under the Institute of Chartered Accountants of India or such other agency, who has qualified in the certification program conducted by the National Institute of Securities Markets (NISM).
SSE is a new concept in India and is a separate segment of the existing stock exchange, which helps social enterprises to raise funds publicly through the stock exchange mechanism.Social enterprises eligible to participate in SSE are organizations – NPOs are for-profit social enterprises – whose primary goal is social intent and impact. Furthermore, such intention should be demonstrated by focusing on worthy social objectives for the deprived or less privileged populations of the areas.
Social enterprises must engage in one of the 16 BroA social activities listed by the regulator. Eligible activities include the eradication of hunger, poverty, malnutrition and inequality; promoting health care, education, employment and livelihood support; Gender equality empowerment of women and LGBTQIA+ communities; and supporting social enterprise incubators.
