ZCZP Issuance Roadmap 2026: 4-Step Guide to Social Stock Exchange Listing

This document presents a practical roadmap for Non-Profit Organizations (NPOs) seeking to raise funds through Zero Coupon Zero Principal (ZCZP) instruments on India's Social Stock Exchange (SSE), reflecting regulatory updates attributed to an April 2026 SEBI circular. The stated changes include an extension of ZCZP registration validity to three years and a reduction in the minimum subscription threshold from 75% to 50%, intended to allow NPOs to proceed with partial fund utilization for scalable projects. The roadmap is structured into four phases: (1) Eligibility & Preparation, covering statutory registration requirements (Section 8 Company, Trust, or Society status, 80G/12A registrations, DARPAN ID), governance standards, and audit readiness; (2) Project Structuring, focused on designing Fund Raising Documents (FRDs) around per-unit cost economics and viability scenarios under the 50% subscription rule; (3) Registration & In-Principle Approval, detailing the formal application and due-diligence process with NSE/BSE SSE platforms and merchant bankers; and (4) Issuance, Listing & Post-Listing Compliance, addressing public issuance mechanics and recurring reporting obligations such as quarterly impact and fund utilization certificates. The document also outlines consequences of non-compliance, including listing suspension and de-registration, and positions SSE listing as an alternative to traditional grant-based fundraising. It is intended to help NPOs and their advisors understand procedural requirements and prepare internally before engaging SEBI-registered merchant bankers and legal counsel. The document explicitly states it is for informational purposes only and does not constitute legal, financial, or investment advice.