SEBI commits committee on the structure of social stock markets, suggestions on rules
New Delhi. The Securities and Exchange Board of India (SEBI) on Thursday constituted a high-powered committee to suggest possible structures and regulations for setting up a 'stock market for social enterprises'. Through this, along with social undertakings, voluntary organizations will also be able to raise funds and list their shares. Finance Minister Nirmala Sitharaman had announced the creation of such exchanges in the budget in July. The motive behind this is to make the capital market access to the people and achieve various social welfare goals. Sebi said in a statement that it has decided to set up a 15-member working group headed by Ishaat Hussain. Hussain is a director of SBI Foundation and a former director (finance) of Tata Sons.
SEBI said that the Working Group will review the possible structure and mechanism of such exchanges and give its recommendations. With this, social enterprises and voluntary organizations will also be able to raise money from the market. Other members of the committee include TV Mohandas Pai (Chairman of Manipal Global Education), Rupa Kudwa of Omidyar Network India, Amit Chandra of Ben Capitan, Saurabh Garg, Principal Secretary to the Government of Odisha, Shamika Ravi, Member of the Economic Advisory Council to the Prime Minister, Invention Venton K. Vineet Rai and Girish G. Sohani of BAIF Development Research Foundation. In addition, the committee includes representatives from the Ministry of Corporate Affairs, Department of Economic Affairs, BSE and NSE. Three SEBI officials will also be included in the committee. One of these will be the convener.
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