The SSE allows raising funds through zero-coupon zero-principal bonds, for which NPOs have to file draft documents similar to those for initial public offerings (IPOs), specifying the objects of the issue, capital structure, among others.

“Our learning from the initial phase has been that the SSE mechanism is per se working for the first time globally. In the next phase, we need to test other aspects like broad discovery of offer documents. While publishing the document on an exchange platform should help, stock brokers managing millions of folios can massively help augment this social message via pop-ups to investors during the subscription period,” said Amit Chandra, cofounder, A.T.E. Chandra Foundation, and chairperson, Bain Capital India Advisors.

Chandra’s foundation and stock brokers such as Zerodha have also been key contributors to the initial listings on the SSE.