A Not-for-Profit Organisation registers on the Social Stock Exchange (SSE) by applying to the SSE segment of a recognised stock exchange, after which its SSE registration can now stay valid for up to three years and it can raise donations through Zero Coupon Zero Principal (ZCZP) instruments with a minimum subscription of just 50 percent. SEBI relaxed both limits in its Master Circular for Framework on Social Stock Exchange, issued on 19 January 2026.
If you are short on time, jump to the step-by-step registration list and the “What got easier in 2026” table below.
The Social Stock Exchange is a separate segment inside recognised stock exchanges. It lets eligible Social Enterprises, both NPOs and for-profit Social Enterprises, raise funds and report their social impact in a regulated, public way. It is governed by the SEBI ICDR Regulations and SEBI's SSE framework.
The SSE concept was introduced earlier. The 19 January 2026 Master Circular consolidates the rules into one place and relaxes two of the toughest conditions for NPOs. This matters most to NGOs, charitable trusts, CSR teams and social-impact donors who want a transparent route to give and receive funds.
Two relaxations are the real news. Both make it easier for an NPO to register and stay on the SSE without rushing to raise money.
| Item | Earlier rule | From 19 January 2026 |
|---|---|---|
| Validity of NPO registration after SSE approval | Up to 2 years | Up to 3 years |
| Minimum subscription for ZCZP instruments | 75 percent | 50 percent, subject to SSE due diligence |
The longer validity comes from clause 1 of Regulation 292F of the SEBI ICDR Regulations. It means an NPO can hold its SSE registration for up to three years before it actually launches a fundraise. The lower subscription floor means a ZCZP issue can close successfully even if only half the target amount is raised, once the SSE completes its due diligence.
Dr. Shrawan Kumar Pathak runs a registered charitable trust that funds rural eye camps. In March 2026 the trust applies to the SSE segment of a recognised stock exchange. Its trust registration is valid well beyond the next 12 months, so it clears the eligibility test. After SSE approval, the trust holds its registration while it builds a donor base, comfortable that the validity now runs up to three years. When it finally launches a ZCZP issue, only 52 percent of the target is subscribed. Under the 2026 rule, that clears the 50 percent floor, and after the SSE completes due diligence the issue closes successfully.
SEBI is a public authority under the RTI Act 2005. You can file an RTI with SEBI to obtain the SSE Master Circular, the eligibility criteria, or the list of NPOs registered on the SSE. Address a Section 6 application to the SEBI Central Public Information Officer. The PIO must reply within 30 days. If the reply is missing or evasive, file a first appeal within 30 days of that deadline.
Note: the registration itself is handled by the recognised stock exchange's SSE segment, so for application-status records you may also need to approach the exchange.
You can draft the request with the AI RTI Drafter, track the statutory clock with the Timeline Tracker, and if the reply is poor, escalate using the First Appeal Builder. For deeper RTI strategy, read The RTI Playbook.
It is a separate segment of recognised stock exchanges where eligible Social Enterprises, both NPOs and for-profit ones, raise funds and report social impact under SEBI's framework and the SEBI ICDR Regulations.
SEBI's Master Circular of 19 January 2026 extended NPO registration validity to up to three years after SSE approval and reduced the minimum subscription for ZCZP instruments from 75 percent to 50 percent, subject to SSE due diligence.
An organisation legally constituted in India, such as a charitable trust, public trust, society or Section 8 company, whose registration certificate is valid for at least the next 12 months when it seeks SSE registration.
Zero Coupon Zero Principal instruments are donation-like securities NPOs use to raise money on the SSE. Donors receive neither interest nor principal back. The return is the social impact the NPO delivers and reports.
You apply to the SSE segment of a recognised stock exchange, which runs the registration. SEBI sets the SSE framework and master circular but does not register NPOs directly.
Under the 2026 relaxation, an NPO's registration under clause 1 of Regulation 292F of the SEBI ICDR Regulations can stay valid for up to three years after SSE approval, up from two years.
Yes. SEBI is a public authority under the RTI Act 2005. File a Section 6 application to SEBI's PIO for the SSE master circular, eligibility criteria or the registered-NPO list. Expect a reply within 30 days.
It must follow SSE disclosure and reporting norms, covering objectives, target beneficiaries, governance, financials, past activities and social impact, both at registration and on a continuing basis.