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Tag: #ImpactInvesting

  • DEVI Sansthan to list on Social Stock Exchange to scale foundational learning

    DEVI Sansthan to list on Social Stock Exchange to scale foundational learning

    DEVI Sansthan (Dignity Education Vision International), a 33-year-old not-for-profit organisation focused on foundational literacy and numeracy, is set to make a landmark entry onto the Bombay Stock Exchange’s Social Stock Exchange (SSE), with its public issue scheduled to open on June 29, 2026.

    The Social Stock Exchange listing marks a significant milestone for the Ranchi-based organisation, positioning it among a small group of social enterprises to access transparent, impact-aligned public funding through India’s regulated capital markets framework.

    Funds raised through the issue will be channelled into foundational literacy and numeracy programmes, teacher training, learning outcome assessments, accelerated learning interventions, and school-based education models aimed at improving learning outcomes at scale across underserved communities.

    Founded in 1992 by educationist and former World Bank economist Dr. Sunita Gandhi — who also serves as Chief Academic Advisor of City Montessori School, recognised as the world’s largest school — DEVI Sansthan operates through its proprietary ALfA (Accelerating Learning for All) methodology. The model deploys peer-learning-based approaches to help children acquire foundational reading, writing, and arithmetic skills in a significantly compressed timeframe.

    “For decades, we have seen millions of children move through education systems without acquiring basic reading and arithmetic skills,” Gandhi, Founder and CEO of DEVI Sansthan said in a statement.

    “The Social Stock Exchange listing is an important step towards strengthening transparency, expanding collaborations, and taking foundational learning interventions to communities that need them the most.”

    Nixon Joseph, Group Executive Director of DEVI Sansthan and former President of SBI Foundation, said foundational literacy and numeracy represented one of the most critical challenges within the education ecosystem today.

    “The Social Stock Exchange listing reflects our commitment towards transparency, accountability, and long-term impact,” Joseph said. “It will help us strengthen our outreach, deepen collaborations, and expand access to quality foundational learning for underserved communities across geographies.”

    The organisation’s work currently spans foundational learning interventions, educator capacity-building programmes, learning outcome assessments, and large-scale literacy campaigns targeting children, youth, and adults across the Ranchi district. DEVI Sansthan collaborates with government agencies, schools, and private stakeholders to build what it describes as sustainable learning ecosystems at scale.

    The BSE Social Stock Exchange was established to connect social enterprises with mainstream capital markets investors seeking measurable social impact alongside financial accountability.

  • CSR Social Stock Exchange: India opens 10% investment window for firms

    CSR Social Stock Exchange: India opens 10% investment window for firms

    The corporate affairs ministry has opened a new funding channel for nonprofits, allowing companies to direct up to 10 per cent of their mandatory corporate social responsibility spending into zero coupon zero principal instruments listed on the Social Stock Exchange, in a move aimed at deepening transparency in social sector financing.

    The amendment, effective immediately, inserts the subscription to such instruments into Schedule VII of the Companies Act, 2013 — the schedule that governs permissible CSR activities for profit-making companies required to spend at least 2 per cent of their three-year average net profit annually on social causes.

    Under the revised CSR Policy Rules, 2014, definitions for both not-for-profit organisations and zero coupon zero principal instruments have been formally introduced for the first time, providing regulatory clarity to companies seeking to deploy funds through the Social Stock Exchange.

    Not-for-profit organisations will be able to issue these instruments through the Social Stock Exchange in accordance with regulations set by the Securities and Exchange Board of India, the ministry said in a statement on Friday.

    Unlike conventional bonds, zero coupon zero principal instruments carry no interest payments and no repayment of principal, functioning instead as a regulated grant or social investment vehicle designed to fund public welfare projects.

    “It helps in furtherance of a transparent and credible mode of funding CSR projects by companies and enables social enterprises to access a wider pool of capital,” said Anshul Jain, Partner Regulatory at PwC India.

    The 10 per cent cap on CSR Social Stock Exchange investments per financial year is intended to balance innovation with fiscal discipline, ensuring core CSR commitments remain intact while creating fresh pathways for social capital mobilisation.

    The Social Stock Exchange, established under SEBI oversight, is designed to bring market discipline and disclosure standards to social sector funding — a segment historically dominated by opaque grant-making and bilateral philanthropy.

  • Sebi boosts Social Stock Exchange with NPO registration relief

    Sebi boosts Social Stock Exchange with NPO registration relief

    Securities and Exchange Board (Sebi) has boosted key rules for not-for-profit organisations on the Social Stock Exchange (SSE), extending the period during which NPO registration remains valid without fund-raising to three years from two, as it seeks to widen the fledgling platform’s reach.

    The regulator issued a circular on Wednesday outlining measures it said were aimed at promoting the SSE and facilitating fundraising for non-profits facing practical hurdles, including delays in statutory and regulatory approvals.

    Under the revised framework, an NPO may remain enrolled on an SSE for two years without raising capital through it. That window can be extended by a further year, subject to SSE approval — giving social-sector organisations more runway to ready themselves before tapping investors.

    “A NPO may register on a SSE and not raise funds through it for a period of two years from the date of registration. Such period of two years may be further extended by one additional year subject to approval by the SSE,” Sebi said.

    Sebi also slashed the minimum subscription threshold for Zero Coupon Zero Principal (ZCZP) instruments — the primary debt-like tool available to NPOs on the SSE — to 50 per cent from 75 per cent. The relaxation applies only to projects where costs and outcomes can be tracked on a clearly identifiable per-unit basis, ensuring that a partial fund-raise does not undermine project viability.

    SSEs will be required to conduct due diligence before granting in-principle approval for such partial fundraising, satisfying themselves that proceeds can be deployed meaningfully toward the stated objectives. Funds will be refunded to investors if the minimum subscription threshold is not met.

    The moves come weeks after Sebi’s board in March eased the minimum investment required from individual investors in social impact funds to Rs 1,000 from Rs 200,000, a step aimed at broadening retail participation on the SSE.

    The SSE, launched in 2022, has struggled to attract widespread participation. Analysts have cited high compliance costs and rigid fundraising conditions as barriers for smaller NPOs. Wednesday’s circular signals continued regulatory effort to unlock the platform’s potential as a mainstream social-financing channel.