A SEBI-Regulated Segment

Where capital meets measurable social impact.

The Social Stock Exchange (SSE) is a separate segment of the existing stock exchange that helps social enterprises raise funds from the public — connecting mindful capital with entities that create and report measurable social impact.

Not-for-Profit Organisations For-Profit Social Enterprises ZCZP Instruments
SSE · Instrument Board Live
InstrumentZCZP
Coupon / Principal0% · Nil
Min issue size₹50,00,000
Min application₹10,000
Min subscription75%
Return to funderSocial return
0
Identified social activity areas eligible under Reg, 2019
0
Minimum activities directed to the target population
0
Minimum subscription for a successful ZCZP issue
0
Public comment window for the draft fund-raising document
What is the SSE

A one-stop platform for credible social enterprises

Conceived in the Union Budget 2019–20 to make capital markets accessible for developmental goals, the SSE operates under the regulatory ambit of SEBI and acts as a medium between social enterprises and fund providers.

Regulated by SEBI

The SSE is a separate segment of recognised stock exchanges established under SEBI's framework, with disclosure norms through the ICDR Regulations and related circulars.

Primacy of social intent

Only entities engaged in one of the seventeen identified social activities, targeting underserved or less-privileged population segments, qualify as social enterprises.

Impact you can verify

Listed and registered entities make continuous disclosures on social impact, with annual social audits by certified social auditors ensuring standardised, credible impact reporting.

01Step 01

Social Enterprise

An NPO or for-profit entity engaged in eligible social activities, targeting underserved or less-privileged population segments.

02Step 02

Register & Disclose

Register on the SSE segment and file the required eligibility and disclosure documents for review.

03Step 03

Raise Funds

Issue instruments such as ZCZP, mutual-fund schemes or equity to raise mindful capital from the public.

04Step 04

Report Impact

Publish continuous impact disclosures and undergo an annual social audit for verified outcomes.

Two Routes to Capital

Built for both non-profits and for-profit social enterprises

Not-for-Profit Organisations (NPOs)

Charitable trusts, societies registered under the Societies Registration Act 1860, and Section 8 companies. After mandatory registration with the SSE, NPOs may raise funds through:

  • Zero Coupon Zero Principal (ZCZP) instruments — public issue or private placement
  • Donations through Mutual Fund schemes as specified by SEBI
  • Development Impact Bond structures
NPO Guide

For-Profit Social Enterprises (FPEs)

Companies or body corporates operating for profit (excluding Section 8 companies) that meet the social-enterprise criteria. No SSE registration needed — they raise funds through:

  • Equity shares on the Main Board, SME platform or innovators' growth platform
  • Equity issued to Alternative Investment Funds, including Social Impact Funds
  • Issuance of debt securities
Investor View
Instrument Spotlight

Zero Coupon Zero Principal - a security built for giving

ZCZP instruments carry a zero-coupon rate and no principal is payable at maturity. Issued only by SSE-registered NPOs, for a specific project over the list of eligible activities and for a specified duration — they promise the funder a social return, not a financial one.

  • Issued in dematerialised form only — no physical certificates
  • Funds received by the NPO are treated as a grant; investors are treated as donors
  • Not tradable in the secondary market, but transferable — for instance, to legal heirs
  • Not subject to Securities Transaction Tax
  • Terminates on meeting the project object (with certificate) or expiry of tenure — equivalent to delisting

ZCZP Term Sheet

SEBI ICDR · Ch. X-A
IssuerSSE-registered NPO
CouponZero
Principal at maturityNil
Minimum issue size₹50,00,000
Minimum application₹10,000
Minimum subscription75%
PurposeSpecific project
ReturnSocial return
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Ready to raise or fund measurable social impact?

Registration for NPOs takes under two weeks. Investor onboarding is instant.

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