ICAI Announced the formation of SRO for Social Stock Exchange
The Council of the Institute of Chartered Accountants of India (ICAI) has approved the formation of a self-regulatory organisation (SRO) for social auditors. The SRO will be responsible for keeping an eye on the functioning of social auditors under the SEBI - notified framework for social stock exchanges. Securities and Exchange Board of India (SEBI) notification: F. No. SEBI/LAD-NRO/GN/2022/90 of 25 July, 2022 on the Issue of Capital and Disclosure Requirements (Third Amendment) Regulations by social enterprises has set the tone for the formation of the Social Stock Exchange in India, as a separate segment of a recognized stock exchange, to facilitate fundraising by social enterprises, both for-profit as well as not for profit organisations.
The SRO is proposed to be named as “Institute of Social Auditors of India” and will be set up as a Section 8 company under the Companies Act, 2013, under the aegis of ICAI. As per the President, ICAI, the Institute has decided to form SRO with the vision to be a leading institution for the development of an independent, ethical, and world-class social auditors’ profession responding to needs and expectations of the stakeholders.
