Sebi may allow employees to donate on social stock exchange: Buch
Mumbai, Mar 14, 2024
Sebi chairperson Madhabi Puri Buch on Thursday said the regulator's board will consider a proposal for allowing staff to donate money for causes through the social stock exchange (SSE).
Speaking at an event to mark the listing of first five non-profits on the newly created SSE, Buch said Sebi personnel are not allowed to invest in securities right now and they need to be allowed to participate in the upliftment of the disadvantaged people.
"We are actually going to the Sebi board tomorrow to take permission for Sebi staff to be able to buy zero-coupon, zero-principal bonds because we are not permitted to buy securities," she said, adding she is hopeful of the proposal going through.
Buch added that personally, she is very keen to support the cause for emancipation of girls.
As per the Sebi website, nearly 1,000 people worked at the capital markets regulator as on March 2022. The 'zero-coupon, zero-principal' are instruments for donating money to non-profit organizations listed on the SSE.
Underlining the importance of the NGO ecosystem and the role that they can play in channelling money, Buch said that at present, she is grappling with executing donations for charities before the financial year ends on March 31.
Buch recounted how a chartered accountant sent her a message recently, flagging the need to do the donations as she does normally.
"Now, I am scurrying, and I am asking my husband we have to make our donations for the year. We have not done any. Now we have only ten days left and I better hurry up," she said.
SSE is a concept where the well-regulated and trusted markets can play a role in helping social causes just like they help a corporate house raise resources for business expansion, she said.
"Most of these organizations are credible, reputed, existing donors, support of large number of people. What do we get incrementally? The question is really of how do we expand the donor base, how do we expand the volunteer base, the access to funds for the social sector," she said.
[Press Trust of India]
