NABARD Ex-Chairman Dr Harsh Kumar Bhanwala to lead SEBI's Technical group on Social Stock Exchange

Mumbai, September 23, 2020:  To develop the framework for Social Stock Exchange (SSE), a proposed platform aimed at fundraising for Non-Profit Organisations and the measurement of the social impact that they create, Securities and Exchange Board of India (SEBI) has constituted a Technical group under the chairmanship of Dr Harsh Kumar Bhanwala (Ex-Chairman- NABARD).

The Technical Group which has a total of 13 members will develop and make recommendations on the framework for onboarding Non-Profit Organisations (NPOs) and For-Profit Enterprises (FPEs) on the SSE. The group will also define the broad structure for profit social investing / enterprises, prescribe disclosure requirements relating to financials, governance, performance etc. and dwell upon aspects related to social impact, social audit, information repositories etc.

The Technical Group has been formed on the recommendation of a SSE Working Group which SEBI had constituted under the Chairmanship of Ishaat Hussain on September 19, 2019.

Social Stock Exchange (SSE) Technical Group members

Apart from the Chainman Dr Harsh Kumar Bhanwala (Ex-Chairman- NABARD), the Technical Group will have 12 other members:

1. Roopa Kudva, MD, Omidyar Network India (Social Impact Investor; part of Omidyar Group)
2. Shri Shaji Krishnan V, Deputy Managing Director, NABARD
3. Sanjeev Singhal (Chairman, Sustainability Reporting Standards Board, ICAI)
4. Ingrid Srinath, Founder Director, Centre for Social Impact and Philanthropy, Ashoka University
5. Pushpa Aman Singh, CEO, Guidestar
6. Shri Santhosh Jayaram, Partner and Head- Sustainability and CSR Advisory, KPMG
7. Shri Ved Arya (Founder, Srijan and RCRC)
8. Shri Matthew Cherian (Global Ambassador and Ex-Chief Executive, HelpAge India)
9. BSE Representative
10. NSE Representative
11. Shri Amarjeet Singh, Executive Director (SEBI)
12. Shri Jeevan Sonparote, CGM (SEBI) - Convener

Earlier, the Working Group (WG) on Social Stock Exchange (SSE) had submitted its report to SEBI on June 01, 2020. The WG had outlined its vision and made high level recommendations which include participation of Non-profit organizations (NPOs) and For-profit enterprises (FPEs) on SSE subject to committing to minimum reporting requirements. Additionally, the WG had also recommended standardisation of financial reporting by NPOs on SSE.

"One of the biggest challenges faced by NPOs is visibility to investors and donors.  By pairing innovative instruments by which NPOs could associate with the SSE (among them direct listing via a new class of securities), with a reporting standard that offers investors and donors a standardized   framework   for   measuring   social   impact   the   Social   Stock   Exchange   will revolutionize the state of play in the social sector," Shri Ishaat Hussain said in his message while submitting the comprehensive report of Working Group on SSE.