Securities and Exchange Board of India
The Working Group (WG) on Social Stock Exchange (SSE), chaired by Shri Ishaat Hussain submitted its report1 on June 01, 2020. The WG has outlined its vision and made high level recommendations which include participation of Non-profit organizations (NPOs) and For-profit enterprises (FPEs) on SSE subject to committing to minimum reporting requirements. Additionally, the WG has also recommended standardisation of financial reporting by NPOs on SSE.
In terms of the recommendations of the WG, there is a need to develop the 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. and 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 Dr. Harsh Kumar Bhanwala (Ex-Chairman-NABARD). The other members of the Technical Group are:
i. Roopa Kudva, MD, Omidyar Network India (Social Impact Investor; part of Omidyar Group)
ii. Shri Shaji Krishnan V, Deputy Managing Director, NABARD
iii. Dr. Sanjeev Singhal (Chairman, Sustainability Reporting Standards Board, ICAI)
iv. Ms. Ingrid Srinath, Founder Director, Centre for Social Impact and Philanthropy, Ashoka University
v. Ms. Pushpa Aman Singh, CEO, Guidestar
vi. Shri Santhosh Jayaram, Partner and Head- Sustainability and CSR Advisory, KPMG
vii. Shri Ved Arya (Founder, Srijan and RCRC)
viii. Shri Matthew Cherian (Global Ambassador and Ex-Chief Executive, HelpAge India)
ix. BSE Representative
x. NSE Representative
xi. Shri Amarjeet Singh, Executive Director (SEBI)
xii. Shri Jeevan Sonparote, CGM (SEBI) – Convener
The Technical group may, if it so desires, seek consultation from other experts as special invitees.
September 21, 2020
1 Working Group Report on Social Stock Exchange