Capital markets regulator Sebi on Thursday came out with a procedure for public issuance of ‘zero coupon zero principle’ instruments by not-for-profit organisations (NPOs) and listing of such instruments on the Social Stock Exchange (SSE).
Under this, the SSE will have to specify the details to be incorporated in the fundraising document.
In 2022, the government declared “zero coupon zero principal instruments” as securities.
In a circular, Sebi said that an NPO, through the lead manager, is required to file the draft fundraising document with the SSE and an application seeking in-principle approval for listing the instrument on the SSE.
The SSE will provide its observation on the draft fundraising document to the NPO within 30 days from the filing of the papers or receipt of clarification, if any, sought by the exchange from the NPO, whichever is later.
NPO will incorporate the observations of the SSE in a draft document and file the final papers to the SSE prior to opening the .
| Subscribe To Our Free Newsletter |
