Governing Council for Social Stock Exchange (“SSE”)
Summary
The circular mandates the constitution of a Social Stock Exchange Governing Council (SGC) to oversee the functioning of the Social Stock Exchange. It specifies that the SGC must comprise at least seven members representing diverse stakeholder categories and meet a minimum of four times annually. The Stock Exchange is required to establish this council before seeking final approval from SEBI for introducing the Social Stock Exchange segment.
Text
The SGC shall comprise of individuals with relevant expertise who can contribute to the development of SSE. It shall have a balanced representation, drawing from various categories of stakeholders such as:- i. Philanthropic and social sectors including public / private sector donors, ii. Non-profit organizations iii. Information Repositories iv. Social Impact Investors v. Social Audit Profession / self-regulatory organization for social auditors, vi. Capacity Building Fund vii. Stock Exchange.
SGC will have a minimum of 7 members having representation from each of the said categories (i to vii above)
SGC shall be supported by administrative staff from the SSE.
The Board of the Stock Exchange shall prescribe the procedure, frequency, quorum etc for the meetings of SGC as well as guidelines for handling potential conflict of interest, if any.
SGC shall meet as frequently as required with minimum of four meetings in a financial year.
Provide expertise towards development of the SSE including growth of registration/ listing of social enterprises and number of investors.
Oversee the listing function of SSE and provide guidance in laying down procedures for on-boarding and listing of Social Enterprises.
Facilitate effective oversight on the adequacy of disclosures made by Social Enterprises and guide development of necessary systems and processes towards the same.
Review the functioning of the SSE, including feedback received from stakeholders.
The Stock Exchange shall constitute a Governing Council for the Social Stock Exchange prior to seeking final approval from SEBI for introduction of Social Stock Exchange as a separate segment.
Source: SecMarx — Governing Council for Social Stock Exchange (“SSE”). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.