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Guide

The Social Stock Exchange (SSE) in India

The Social Stock Exchange is a separate segment of India's existing stock exchanges, NSE and BSE, that lets eligible social enterprises register, report their social impact, and raise funds under a SEBI framework. For not-for-profit organisations it is a regulated way to build a public track record and to raise grant funding through Zero Coupon Zero Principal (ZCZP) instruments.

What is the Social Stock Exchange?

The SSE is not a new exchange. It is a dedicated segment within NSE and BSE, created by SEBI so that organisations working on social or environmental goals can connect with funders through a transparent, regulated mechanism. Participants make continuing disclosures about their work and, where they raise funds, report on the outcomes they deliver.

Who can participate?

The framework recognises two kinds of social enterprises:

  • Not-for-Profit Organisations (NPOs): a charitable trust, society, or Section 8 company that meets SEBI's eligibility criteria. An NPO can register only, or register and raise funds.
  • For-Profit Social Enterprises (FPEs): businesses with a primary social objective, which can raise equity or debt under the applicable rules.

NSE SSE and BSE SSE

Both NSE and BSE operate SSE segments under the same SEBI framework, so eligibility, the ZCZP fundraising route, and disclosure rules are the same on either. The practical choice comes down to the platform you apply on and each exchange's operational details. The SEBI guidelines page sets out the common rulebook.

How NGOs raise funds: ZCZP

Registered NPOs raise money by issuing Zero Coupon Zero Principal (ZCZP) instruments. A ZCZP pays no interest and returns no principal, so subscribing is effectively a structured donation tied to a defined project. Since the May 2026 MCA amendment, companies can also route part of their CSR into ZCZP instruments on the SSE. See SSE funding and raising funds on the SSE for the detail.

Eligibility to register

In broad terms, an NPO must be a charitable trust, society, or Section 8 company; registered and operational for at least 3 years; hold valid 12A/12AB and 80G registrations; have a minimum annual spend of around ₹50 lakh and at least ₹10 lakh of prior-year funding; and meet SEBI's primacy-of-social-intent test under Reg 292E, which includes directing at least 67% of activities to the target population. Political and religious organisations are not eligible.

Our SSE registration page covers the step-by-step process, and you can run a quick self-check with the SSE readiness tool.

Reporting and social audit

Once registered, an NPO makes annual disclosures on general, governance, and financial aspects, and submits an Annual Impact Report on its activities. The Social Auditor assessment of that report is tied to listed or fund-raised projects, and SEBI has been moving toward self-reporting for non-listed activities, so the exact obligation depends on whether you have raised funds. Confirm the current position before relying on it.

Frequently asked questions

What is the Social Stock Exchange?+

The Social Stock Exchange (SSE) is a separate segment of India’s existing stock exchanges (NSE and BSE) that lets eligible social enterprises register, report their social impact, and raise funds under a SEBI framework. Not-for-profit organisations raise money through Zero Coupon Zero Principal (ZCZP) instruments; for-profit social enterprises can use equity or debt.

Who can list on the Social Stock Exchange?+

Two kinds of social enterprises: Not-for-Profit Organisations (a charitable trust, society, or Section 8 company that meets SEBI’s eligibility criteria) and For-Profit Social Enterprises. NPOs can choose to register only (to build a public, verifiable track record) or register and raise funds.

What is the difference between NSE SSE and BSE SSE?+

Both NSE and BSE host SSE segments under the same SEBI framework, so eligibility, ZCZP, and disclosure rules are the same on either. The practical differences are the platform you apply on and exchange-set operational details; confirm current specifics with NSE and BSE.

How do NGOs raise funds on the SSE?+

Registered NPOs raise grant funding by issuing Zero Coupon Zero Principal (ZCZP) instruments. A ZCZP pays no interest and returns no principal, so subscribing is effectively a structured donation tied to a defined social project. Since May 2026, companies can also route part of their CSR into ZCZP instruments.

Is my NGO eligible to register on the SSE?+

In broad terms an NPO must be a charitable trust, society, or Section 8 company, registered and operational for at least 3 years, with valid 12A/12AB and 80G registrations, a minimum annual spend of around ₹50 lakh and at least ₹10 lakh of prior-year funding, and it must meet SEBI’s primacy-of-social-intent test (Reg 292E, including the 67% rule). Confirm the current criteria before applying.

This page is a general explainer, not legal or financial advice. SEBI and the exchanges revise the SSE framework periodically; confirm the current position with SEBI, NSE, or BSE before acting.