What are the provisions for submitting the utilization report to the Social Stock Exchange by a listed Not for Profit Organization?
CS Executive · Securities Laws and Capital Markets · PYQS · December 2024
What are the provisions for submitting the utilization report to the Social Stock Exchange by a listed Not for Profit Organization?
Answer & Explanation:
According to regulation 91F of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular No. SEBI/HO/CFD/POD-1/P/CIR/2022/120 dated September 19, 2022, a listed Not for Profit Organization shall submit to the Social Stock Exchange(s) the following statement in respect of utilisation of the funds raised within 45 days from the end of quarter:- (a) category-wise amount of monies raised; (b) category-wise amount of monies utilised; (c) balance amount remaining unutilised. The unutilised amount shall be kept in a separate bank account and shall not be comingled with other funds. The statement required shall be given till the time the issue proceeds have been fully utilised or the purpose for which they were raised, has been achieved.
Topics: Social Stock Exchange
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