The Securities and Exchange Board of India issued a Master Circular on 19 January 2026 consolidating the entire regulatory framework governing the Social Stock Exchange (SSE). The circular compiles all earlier directions, circulars, and instructions issued under the SEBI (ICDR) Regulations, 2018 and the SEBI (LODR) Regulations, 2015, with the objective of providing stakeholders a single, comprehensive reference point. Upon issuance, the circulars listed in the appendix stand rescinded to the extent they relate to the SSE framework. However, SEBI has expressly protected past actions, applications, rights, obligations, liabilities, penalties, and proceedings undertaken under the rescinded circulars, deeming them valid and enforceable under the corresponding provisions of the Master Circular. Pending applications are also treated as filed under the new framework. The Master Circular has been issued under Section 11(1) of the SEBI Act, 1992 to protect investor interests and promote orderly development and regulation of the securities market.
Securities and Exchange Board of India
Master Circular No. HO/49/14/14(6)2025-CFD-PoD1/I/2771/2026 Dated: January 19, 2026
To
All Recognized Stock Exchanges
All Recognized Depositories
All Merchant Bankers and Brokers registered with SEBI
All Social Enterprises
All Social Impact Fund registered with SEBI
All Social Impact Assessment Firms
Institute of Chartered Accounts of India (ICAI)
Institute of Company Secretaries of India (ICSI)
Institute of Cost Accountants of India (ICMAI)
Dear Sir / Madam,
Subject: Master Circular for Framework on Social Stock Exchange (SSE)
1. The Securities and Exchange Board of India (“SEBI” or “the Board”) has been, from time to time, issuing various circulars/directions with respect to the framework for Social Stock Exchange under the relevant provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”).
2. In order to enable the stakeholders to have access to all applicable circulars in the subject matter at one place, this Master Circular is issued, which is a compilation of all the circulars issued with respect to Social Stock Exchange.
3. With the issuance of this Master Circular, all directions/instructions contained in the circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to the framework for Social Stock Exchange.
4. Notwithstanding such rescission, –
(a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
(b) any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; and
(c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.
5. This Master Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
6. This Master Circular is available on the website of SEBI at sebi.gov.in in the path “Legal>Master Circulars”.
Yours faithfully,
Vimal Bhatter
Deputy General Manager
Corporation Finance Department Tel. No.: +91 22 2644 9386
Email id: vimalb@sebi.gov.in
Enclosures:
1. Master Circular
