Securities  and Exchange  Board  of  India (SEBI) vide  notification  dated July  25,  2022, amended Securities  and Exchange  Board  of  India (Issue  of  Capital  and  Disclosure  Requirements)  Regulations,  2018(“ICDR Regulations”), Securities and Exchange Board of India (Listing Obligations and Disclosure   Requirements)   Regulations, 2015 (“LODR Regulations”) and Securities and   Exchange   Board   of   India   (Alternative   Investment   Funds) Regulations, 2012 (“AIF Regulations”) to  provide a broad framework for Social Stock Exchange. Further SEBI vide its circulars No. SEBI/HO/CFD/PoD-1/P/CIR/2022/120 dated Sept 19, 2022, SEBI/HO/CFD/PoD-1/P/CIR/2023/196 dated Dec 28, 2023, and SEBI/HO/CFD/PoD-1/P/CIR/2025/33 dated Mar 19, 2025, notified the detailed framework on Social Stock Exchange.

About Zero Coupon Zero Principal (ZCZP) instrument

1.    ZCZP is an instrument issued by a Not-for-Profit Organisation which shall be registered with Social Stock Exchange segment of the recognised Stock Exchange.

2.      ZCZP instrument shall be issued in Dematerialised form only.

3.      ZCZP instrument shall not be transferrable.

4.      Minimum Face Value Re.1/-.

5.      Minimum Issue Price Re.1/-.

6.      The minimum issue size shall be Rs. 50,00,000/- (Rupees Fifty Lakhs only).

7.      The minimum application size shall be Rs.1,000/- (Rupees One Thousand only).

In accordance with the above, the Exchange has developed and deployed a platform for bidding of Zero Coupon Zero Principal (ZCZP) instruments on its IBBS Platform (internet-based book building system of BSE) for Social Stock Exchange (SSE) under SSE Module.

The following participants / market intermediaries shall be eligible for bidding for Zero Coupon Zero Principal (ZCZP) instruments:

1.      Syndicate Members

2.      Trading Members registered with the Exchange for Debt or Equity segment.

3.      Self-Certified Syndicate Banks (SCSBs).

4.      Trading Members with 3-in1 account facility.

5.      Depository Participants registered with the Exchange.

6.      RTAs registered with the Exchange for IPO biddings.

The general detail categories of investors are given in the Annexure I.

The following bidding factors shall be applicable for Zero Coupon Zero Principal (ZCZP) instrument:

a)      The bids shall be placed for fixed price of ZCZP instrument.

b)      The mode of payment for applying for ZCZP instrument shall be BANK ASBA, UPI ASBA, Cheque/Demand Draft, Direct Credit, NACH, NEFT, and RTGS.

c)      Bank ASBA facility shall be available to all categories of investors including individual investors applying through Self-Certified Syndicate Banks (SCSBs) in ZCZP instrument for irrespective of application value.

d)      The UPI functionality shall be an additional payment option applicable to individual investors applying through Trading Members/ Syndicate Members/ Registeted Depository Participants and RTAs in ZCZP instrument for application value upto Rs 5 Lakhs.

e)      Syndicate ASBA/ Member ASBA/Non-ASBA shall be available to all categories of investors and individual investor for application applying through Trading Members/ Syndicate Members/ Registeted Depository Participants and RTAs in ZCZP instrument.

f)        Trading Members with 3-in-1 accounts facility (electronic connectivity with bank, depository and trading activities) will have both options to place the bid of Individual Investor with details of investor’s bank account (Intermediary/ Syndicate ASBA) as well as UPI id for blocking of funds on iBBS platform for application amount upto Rs. 5 Lakh.

g)       Bidding shall be allowed for minimum three working days and maximum 10 working days only.

h)      Bidding shall be allowed between 10:00 am to 5:00 pm during bidding period.

i)        The following fields shall be necessary while bidding for ZCZP instrument:

                                 i.      Payment Mode: ASBA/ Non-ASBA/ UPI

                               ii.      IPO Symbol

                             iii.      Application No.

                              iv.      Client Name

                               v.      Category of Investor

                              vi.      Pan No                                                    

                            vii.      Depository Name – CDSL/ NSDL

                          viii.      DP Id & Client/Benf. Id

                              ix.      Qty           

                               x.      Price

                              xi.      Bank/ UPI Id details          

j)        The process of bid capture through online screen (single bid entry), File Upload facility (bulk entries) and through API integration by Intermediaries for bidding for ZCZP instrument on SSE Module shall be  as under:

a)      Single Bid Entry

The User will have the option to choose following bid options:

·         ASBA Bid – The User is required to enter the Bank details provided by investor

·         Non-ASBA Bid – The User is required to enter the Cheque details provided by investor

·         UPI Id Bid – The User is required to enter the UPI Id provided by investor

b)      File Upload Facilities for Bulk Entries

·     ASBA/ Non-ASBA & UPI Id Bids – The file format for Trading Members/ Syndicate Members/ Registeted Depository Participants and RTAs is attached as Annexure II

·        ASBA Bids – The file format for Banks is attached as Annexure III

c)      Bid Entry through API Integration – API document shall be published separately

d)       Addition/ Modification/ Cancellation of Bid

·         Modification of Application Number, PAN, and DP id & Client Id are not allowed for valid bids.

·         Cancellation of bid is allowed.

·         Multiple bids are allowed during bidding period. Multiple bids with same application no. are not allowed.

e)       Status Report of UPI Bids

The Users will get the status of UPI Bids entered by them on iBBS platform in UPI Order Book

f)        Re-initiation of Bids

·         The Intermediaries will have the option to Re-initiate the bids which are pending for confirmation by Investor

·         The facility of Re-initiation/ Resending the UPI mandate shall be available only till 5 pm on the day of bidding

·         Re-initiation of bid shall be allowed only once.

g)       UPI Mandate Acceptance

·         An investor is required to accept the UPI mandate latest by 5:00 pm on T+1 Day (T being last day of bidding)

h)      DP Id & Client ID and PAN combination Validation with Depositories

·         The Exchange shall undertake validation of the PAN and Demat account combination details of investor with the Depository on near real time basis.

·         The Exchange would share response with intermediary, for corrections, if any

i)        Modification of Selected Fields

The Users shall be allowed to modify of selected fields viz. DP ID/Client ID or Pan ID (Either DP ID/Client ID or Pan ID can be modified but not BOTH) upto T+1 day for validated bids

j)        The following Reports shall be available to Users:

a.      Member/ Bank Report

b.      Bid Download

c.      Order Book – ASBA/ Non-ASBA bids

d.      UPI Order Book

e.      Download Allocation

Further The Exchange shall display the Category wise Bids subscription level on its website on regular intervals. For successful bid for ZCZP instrument - SMS and Email intimations shall be send to investor at end of day. The application and allotment status of each bid shall be available on the Exchange’s website similar to public issue bids.

A mock session is scheduled from Tuesday March 25, 2025, to Thursday April 03, 2025 on UAT Server to familiarizes all intermediaries about SSE Module for bidding of Zero Coupon Zero Principal (ZCZP) instruments. The Issue Parameter for mock session is attached herewith for information. (Annexure IV).

All Trading Member/ Syndicate Member/ Registered Depository Participants/ RTAs registered with the Exchange for IPO biddings / Other Intermediaries and Self Certified Syndicate Banks (SCSBs) are requested to participate in mock session which is available on UAT Server.

IBBS UAT Server Accessibility

For resetting of the password of the IBBS Module, please contact Trading Operations on the following:

Mock Trading Session Feedback

To be able to provide a robust & efficient system with better features, feedback from intermediaries is very important. We request all intermediaries to give their feedback of the mock session to ibbs ops/ listing sales teams on the email ids provided below:

Rinkesh Gaikwad                                                           Bhushan Mokashi

Assistant Manager                                                         General Manager

Listing Business Relationship                                          Listing Business Relationship                                                 

March 25, 2025