Sebi constitutes technical group on Social Stock Exchange
23 September 2020
Market regulator Securities and Exchange Board of India (Sebi) has constituted a Technical Group to suggest a regulatory framework for setting up Social Stock Exchange (SSE), which may include both for-profit and not-for-profit organisation.
Sebi had earlier set up a Working Group on Social Stock Exchange (SSE), chaired by Ishaat Hussain, which submitted its report on 1 June 2020.
The report has outlined its vision and made high level recommendations, which include participation of non-profit organisations (NPOs) and for-profit enterprises (FPEs) on SSE subject to committing to minimum reporting requirements.
Additionally, the group has recommended standardisation of financial reporting by NPOs on SSE.
In terms of the recommendations of the working group, there is a need to develop a framework for onboarding NPOs and FPEs on the SSE, including defining for profit social investing / enterprises, prescribe disclosure requirements relating to financials, governance, performance etc, dwell upon aspects related to social impact, social audit, information repositories etc.
To develop and make recommendations on these aspects, Sebi has constituted a Technical Group under the chairmanship of Harsh Kumar Bhanwala (ex-chairman-Nabard).
The other members of the Technical Group are: Roopa Kudva (MD, Omidyar Network India; Shaji Krishnan V (deputy managing director, Nabard); Sanjeev Singhal (Chairman, Sustainability Reporting Standards Board, ICAI); Ingrid Srinath (founder-director, Centre for Social Impact and Philanthropy, Ashoka University); Pushpa Aman Singh (CEO, Guidestar);
Santhosh Jayaram (partner and head-Sustainability and CSR advisory, KPMG); Ved Arya (founder, Srijan and RCRC); Matthew Cherian (global ambassador and ex-chief executive, HelpAge India); BSE Representativex.NSE Representative; Amarjeet Singh (executive director (Sebi); Jeevan Sonparote (CGM (Sebi) – convener.
TheTechnical Group may, if it so desires, seek consultation from other experts as special invitees, says a Sebi release.