On September 21, 2020 Securities and Exchange Board of India (SEBI) constituted the Technical Group on Social Stock Exchange under the Chairmanship of Harsh Kumar Bhanwala, former Chairman of NABARD. The group will develop a framework for onboarding non-profit organisations and for-profit enterprises.
The Group will develop a framework for prescribing disclosure requirements relating to performance and aspects related to social audit and social impact.
Members of the group:
i.The other members of the group include Ingrid Srinath, Founder cum Director, Centre for Social Impact and Philanthropy at Ashoka University, Pushpa Aman Singh Chief Executive Officer (CEO) of Guidestar, and Santhosh Jayaram, Partner and Head-Sustainability and Corporate Social Responsibility (CSR) at KPMG.
ii.Roopa Kudva, Managing Director of Omidyar Network India (Social Impact Investor, part of Omidyar Group), Shaji Krishnan V, Deputy Managing Director of NABARD, Sanjeev Singhal, Chairman of Sustainability Report Standards Board at ICAI, and representatives of BSE (formerly known as Bombay Stock Exchange), NSE (National Stock Exchange of India) and SEBI will be part of the technical group.
Working Group on Social Stock Exchange (SSE):
i.The Working Group on SSE chaired by Ishaat Hussain submitted its report on June 1, 2020.
ii.It outlined its vision and made high-level recommendations such as including the participation of non-profit organisations (NPOs) and for-profit enterprises (FPEs) on SSE, subject to committing to minimum reporting requirements.
iii.It also recommended the standardisation of financial reporting by non-profit organisations on such bourses (a market organized for the purpose of buying and selling securities, commodities, options and other investments).
Recent Related News:
i.On June 5, 2020 Securities and Exchange Board of India (SEBI) rearranged the Commodity derivatives advisory committee and appointed Ashok Dalwani, Retired IAS officer as the chairman and Aliasgar S Mithwani, Chief General Manager of SEBI as Secretary of the 17-member committee.
About Securities and Exchange Board of India (SEBI):
Chairman – Ajay Tyagi
Headquarters – Mumbai, Maharashtra