The Securities and Exchange Board of India (Sebi) Thursday unveiled a roadmap for public issuance of ‘zero coupon zero principle’ instruments by not-for-profit organisations (NPOs) and listing of such instruments on the Social Stock Exchange (SSE).
Sebi said that such instruments will be issued in dematerialised form only, and are not transferable. The minimum issue size has been set at Rs 50 lakh, the minimum application size at Rs 10,000 and the minimum subscription required to be achieved will be 75 per cent of the funds proposed to be raised through the issuance of such instruments.
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