SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/129 September 19, 2025 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/129 September 19, 2025 To, All Recognized Stock Exchanges All Recognized Depositories All Merchant Bankers and Brokers registered with SEBI All Social Enterprises All Social Impact Fund registered with SEBI All Social Impact Assessment Organizations All Self-Regulatory Organizations Sir / Madam, Sub: Framework on Social Stock Exchange (“SSE”) SEBI vide its circular SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated September 19, 2022 and subsequently vide circular SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated December 28, 2023 has notified the detailed framework on Social Stock Exchange. Based on the recommendations of Social Stock Exchange Advisory Committee (SSEAC) and the feedback received through public consultation on the recommendations of SSEAC, the Board approved amendments to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). Accordingly, the provisions of ICDR Regulations and LODR Regulations in this regard, have been amended vide Gazette Notification dated September 09, 2025 and September 08, 2025 respectively. The same is available at following links: ICDR Amendment Notification – https://www.sebi.gov.in/legal/regulations/sep2025/securities-and-exchange-board-of-india-issue-of-capital-and-disclosurerequirements-second-amendment-regulations-2025_96524.html LODR Amendment Notification – https://www.sebi.gov.in/legal/regulations/sep2025/securities-and-exchange-board-of-india-listing-obligations-and-disclosurerequirements-third-amendment-regulations-2025_96523.html Partial modification to the circular SEBI/HO/CFD/PoD-1/P/CIR/2022/12