In tandem, Part 1 of amendment of SEBI (ICDR) (Third Amendment) Regulations, 2022, SEBI in his action matrix with related to Regulatory Framework of Social Stock Exchange(Social Audit) vide notification dated 25th July, 2022, made following amendments in SEBI (LODR) FIFTH Amendment Regulations, 2022.
REGUL-ATIONS OF CH. – IX A
|PARTICULARS||NPO ONLY REGISTERED WITH SSE||NPO REGISTERED AND WHOSE SECURITIES ARE LISTED ON SSE||FPSE REGISTERED AND WHOSE SECURITIES ARE LISTED ON SSE|
|Framing of policy for determination of Materiality & it’s disclosures to Stock Exchange||N/A||Applicable||Applicable|
|91D||Disclosure of any event
that may have a material impact on the planned achievement of outputs or outcomes
|N/A||As soon as possible but not later than 7 days including potential impact of the event and steps taken||As soon as possible but not later than 7 days including potential impact of the event and steps taken|
|91C – NPO & 91B – FPSE||Annual disclosures to the SSE on matters specified by the Board||Within 60 Days||Within 60 Days||As specified in their RESPECTIVE SEGMENTS under CH. IV/V of this Regulations|
|91F||Quarterly Disclosure of the statement in respect of utilisation of the funds raised||N/A||1. Disclosure of utilisation of the funds raised of following:
· monies raised;
· monies utilised;
· remaining unutilised.
The unutilised amount shall be kept in a separate bank account
|As specified in their RESPECTIVE SEGMENTS under CH. IV/V of this Regulations|
|91E||Annual Impact Report||Audited by Social Audit Firm employing the Social Auditor||Audited by Social Audit Firm employing the Social Auditor||Audited by Social Audit Firm employing the Social Auditor|
According to SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSUREREQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2022
292A(f): “Social Auditor” means an individual registered with a self-regulatory organization under the Institute of Chartered Accountants of India or such other agency, as may be specified by the Board, who has qualified a certification program conducted by National Institute of Securities Market and holds a valid certificate.
292A(g): “Social Audit Firm” means any entity which has employed Social Auditors and has a track record of minimum three years for conducting social impact assessment.
From the above definition it is clear that Social Auditor should be a Chartered Accountant and he should pass the certification program conducted by NISM.