'Friends in Need', a Not-for-Profit Organization (NPO), is registered on a Social Stock Exchange. Vibhu, the Company Secretary of 'Friends in Need', is required to make a presentation before the Governing Body, about the

As per Regulation 91E of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the framework on Social Stock Exchange (SSE), a Social Enterprise which is either registered with or has raised funds through a SSE shall be required to submit an Annual Impact Report (AIR). The AIR shall be assessed by a Social Impact Assessment Organisation employing Social Impact Assessors for listed projects and shall be self-certified for non-listed projects. The AIR shall cover atleast 67% of the program expenditure in the previous financial year. Following are the key points in relation to the AIR: All Social Enterprises which have raised funds using SSE will have to provide duly assessed AIR to SSE by October 31st of each year or before the due date of filing the income tax return as prescribed under the provisions of the Income Tax Act, 1961, whichever is later. The AIR shall capture the qualitative and quantitative aspects of the social impact generated by the entity and where applicable, the impact that is generated by the project or solution for which funds have been raised on SSE. In case an NPO is registered without listing any security, the AIR will be self-reported and must cover the NPO's significant activities, intervention, programs or projects during the year and the methodology for determination of significance must be explained. Additionally, if there is an activity, intervention, program or projects covered under a listed security, it will qualify as a significant activity, intervention, program or project. For a Social Impact Fund where the underlying recipients of funds are SEs which have registered or raised funds using SSE, must disclose an overall AIR for the fund covering all investee/grantee organizations where the fund is deployed. The AIR should at a minimum, cover the aspects related to Strategic Intent and Planning, Approach and Impact Score Card. The Social Enterprises shall disclose the report of Social Impact Assessors along with AIR.