[ad_1]
Markets regulator Sebi on Monday extended until January 2025 the deadline for social enterprises, which have registered or raised funds through a social exchange, to submit annual information and an ‘annual impact report’ for the financial year 2023-24.
Social enterprises were required to make annual returns and submit an “annual impact report” to the Social Stock Exchange (SSE) by October 31, 2024.
Click here to join us on WhatsApp
“The external schedule for annual disclosures under Regulation 91C(1) and annual impact reporting under Regulation 91E(1) of the LODR Regulations (Listing Obligations and Disclosure Requirements) by social enterprises on the stock exchange social, for the 2023-24 financial year has been extended. to January 31, 2025,” Sebi said in a circular.
The annual report contains details on general, governance and financial aspects and the annual impact report to the ESS captures the qualitative and quantitative aspects of the social impact generated by the social enterprise.
In case a non-profit organization is only registered without listing titles, such a report is required to cover the important activities, interventions and programs of the NPO, among others.
In September 2023, Sebi asked social enterprises raising funds through ESS to disclose the annual impact report within 90 days of the end of the financial year.
ESS is a new concept in India and is a separate segment from the existing stock market, which helps social enterprises raise funds from the public through the stock market mechanism.
Social enterprises eligible to participate in the ESS are entities (NPOs and for-profit social enterprises) whose primary objective is social intent and impact. Furthermore, such intent should be demonstrated through emphasis on eligible social goals for underserved or less privileged populations or regions.
Social enterprises will have to engage in one social activity among 16 major activities listed by the regulator. Eligible activities include eradicating hunger, poverty, malnutrition and inequality; promote healthcare, support education, employability and livelihoods; the empowerment of women and LGBTQIA+ communities in terms of gender equality; and support social enterprise incubators.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 7, 2024 | 7:35 p.m. STI