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Union Finance Minister Nirmala Sitharaman (PTI Photo/Vijay Verma)
Listings on NSE’s Social Stock Exchange platform swelled to five on Thursday with the addition of four new members. In all, these five non-profit organisations (NPOs) have raised nearly Rs 8 crore, a sum which will be used for development projects.
In her message, Finance Minister Nirmala Sitharaman called this fund mobilisation a “significant milestone” in financial inclusion and social welfare.
“The government is committed to supporting the platform as this will enable the democratisation of investments and empower people across the country to take part in India’s growth story,” she said.
Social Stock Exchange is a new initiative to provide a platform to social enterprises to raise funds through Zero Coupon Zero Principal (ZCZP) bonds.
Mukti, Transform Rural India Foundation, Swami Vivekananda Youth Movement, and Ekalavya Foundation — which listed on Thursday — have raised Rs 1.7 crore, Rs 2 crore, Rs 1.55 crore, and Rs 83.5 lakh respectively.
SGBS Unnati, the first one to be listed on the exchange back in December 2023, had raised Rs 1.8 crore.
Issues of two other NPOs are open for subscription while three others are in the process of opening their issues.
Meanwhile, Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (Sebi), said that the regulator is planning to allow its staff to donate through ZCZP to NPOs. Employees of Sebi are not allowed to buy securities. The decision may come in Sebi’s board meeting scheduled on Friday.
Buch said that the platform will bring inclusion, trust, and transparency for NPOs.
The market regulator had last year reduced the minimum application size from Rs 2 lakh to Rs 10,000 and cut the minimum issue size from Rs 1 crore to Rs 50 lakh.
Ashishkumar Chauhan, MD & CEO, NSE, said that with the change in minimum subscription, the newly listed NPOs saw several donors giving Rs 10,000 each. He added that the exchange is working to make the process automated to enable smoother documentation.
Union AMC appoints Madhu Nair as CEO
Union Asset Management Company (AMC) on Thursday announced the appointment of Madhu Nair (pictured) as the chief executive officer (CEO). Nair, who previously headed the sales divisions at HSBC AMC and Invesco AMC, comes in place of G Pradeepkumar. Union AMC said Pradeepkumar is leaving the AMC after a 14 year stint.
First Published: Mar 14 2024 | 10:09 PM IST
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