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SEBI extends timeline for social enterprises to submit annual disclosures, impact report to Jan’25

The markets regulator SEBI on Monday extended the deadline to January 2025 for social enterprises that have registered or raised funds through the Social Stock Exchange (SSE) to submit their annual disclosures and the ‘Annual Impact Report’ for the financial year 2023-24. Social enterprises are required to submit these disclosures and reports to the SSE by October 31, 2024.

“The outer timeline for annual disclosures under Regulation 91C(1) and annual impact report under Regulation 91E(1) of LODR (Listing Obligations and Disclosure Requirements) Regulations by Social Enterprises on Social Stock Exchange, for FY 2023-24 has been extended up to January 31, 2025,” Sebi said in a circular.

The annual report includes details on general, governance, and financial aspects, while the Annual Impact Report submitted to the Social Stock Exchange (SSE) highlights both qualitative and quantitative aspects of the social impact created by the social enterprise.

For Not-for-Profit Organizations (NPOs) that are registered but have not listed any securities, the report must cover key activities, interventions, programs, and other significant operations of the NPO.

Also read | India’s easing of rice exports welcomed in South Africa

In September 2023, SEBI mandated that social enterprises raising funds through the SSE must submit their Annual Impact Report within 90 days after the end of the financial year. The SSE is a unique concept in India, functioning as a separate segment of the existing stock exchange to facilitate social enterprises in raising funds from the public through the stock market mechanism.

Social enterprises eligible to participate in the SSE include both NPOs and for-profit social enterprises, with a primary focus on achieving social intent and impact. This intent must be demonstrated through a commitment to addressing eligible social objectives aimed at underserved or disadvantaged populations or regions.

These social enterprises must engage in one of the 16 broad activities specified by the regulator. Eligible activities include eradicating hunger, poverty, malnutrition, and inequality; promoting healthcare; supporting education, employability, and livelihoods; advancing gender equality; empowering women and LGBTQIA communities; and supporting social enterprise incubators.

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