Securities and Exchange Board of India (SEBI) issued a circular on March 19, 2025, revising the framework for the Social Stock Exchange (SSE). SEBI previously notified the framework via circulars in 2022 and 2023. Based on recommendations from the SSE Advisory Committee and public feedback, SEBI has reduced the minimum application size for subscribing to Zero Coupon Zero Principal Instruments from ₹10,000 to ₹1,000. This change, aimed at enhancing accessibility, modifies the provisions under Paragraph 1, sub-paragraph AC, point (4) of the earlier circulars. The revision comes under the powers granted by Section 11 and Section 11A of the SEBI Act, 1992, to protect investors’ interests and promote the securities market’s development. The updated framework is effective immediately, and the circular is available on the SEBI website under the “Legal → Circulars” section.
Securities and Exchange Board of India
Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2025/33 Dated: 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
