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Research Article

EEO. 2021; 20(1): 4254-4264

Social Stock Exchange-An Innovative Fund-Raising Technique To Boost Social Development In India

Vikas Sharma, Amiya Nishant, Atibha Vijaya Singh.


While presenting the budget for the financial year 2019-20 the Hon’ble Finance Minister proposed the idea of creating “Social Stock Exchange” (SSE) in India. the SSE is supposed to work in a manner similar to normal stock exchanges like BSE and NSE.Normal stock exchanges allow profit-oriented enterprises to list their securities on the stock exchange in order to invite profit-seeking investors to purchase those securities and thus raise capital for funding their business activities. Similarly,SSE will enable organizations with social cause (social enterprises) to list their securities in order to raise capital from the charitable donors for financing the organizations public welfare activities like promoting education, developing health care facilities, etc. To give shape to the idea of social stock exchange SEBI constituted a working group on SSE in 2019 called “SEBI SSE Working Group” for recommending mechanism for the working of SSE. The Working Group released its report in June 2020. Then in September 2020, SEBI constituted a Technical Group on SSE which took the work of SEBI SSE Working Group ahead and recommended the eligibility criteria for the listing of social enterprise on SSE, the mechanism for listing of social enterprises on SSE, the mechanism for auditing of social enterprises, disclose norms to be followed by social enterprises, etc. The concept of SSE is new in India, and it is still in developing stage. It is yet to come into existence. In this paper the author attempts to study the concept of SSE, its necessity, the mechanism of its working, the regulatory norms, the role of social enterprises, working of SSE in other countries, the challenges that may be faced by SSE and the measures to overcome those challenges so that SSE can achieve its object.

Key words: SSE, social stock exchange, SSE working group, funding social development, technical group on SSE, budget 2019-20, SSE in India, social enterprises.

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