SEBI Circular on Framework for Social Stock Exchange

CIRCULAR
SEBI/HO/CFD/PoD-1/P/CIR/2025/33 March 19, 2025 To, All Recognized Stock Exchanges All Recognized Depositories All Social Enterprises All Social Impact Fund registered with SEBI Dear Sir / Madam, Sub: Framework on Social Stock Exchange (“SSE”)

1. SEBI vide its circular SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated September 19,
   2022 notified the detailed framework on Social Stock Exchange. The same was amended vide Circular SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated December 28, 2023.

2. Based on recommendations of the Social Stock Exchange Advisory Committee
   and public comments received in respect of the Consultation paper in the matter, it is decided to review the existing minimum application size for subscribing to Zero Coupon Zero Principal Instruments from Rs. 10,000 (Rupees ten thousand only) to a lower amount i.e. Rs. 1,000 (Rupees one thousand only).

3. Accordingly, the minimum application size in respect of issuance of Zero Coupon
   Zero Principal Instruments, prescribed under Paragraph 1, sub- paragraph AC, point (4) of the aforementioned Circular shall read as under:
   “(4) The minimum application size shall be rupees one thousand.”

4. This Circular is issued in exercise of the powers conferred under Section 11 and
   Section 11A of the Securities and Exchange Board of India Act, 1992 read with
   Regulation 299 of SEBI ICDR Regulations, to protect the interests of investors and to promote the development of, and to regulate the securities market and shall come into effect immediately.

5. A copy of this circular is available on SEBI website at www.sebi.gov.in under the
   categories “Legal → Circulars”.
   Yours faithfully,
   Yogita Jadhav
   Chief General Manager
   Corporation Finance Department
   Tel. No.: +91 22 2644 9583
   Email id: yogitag@sebi.gov.in