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Capital markets regulator Sebi has come out with a procedure for public issuance of ‘zero coupon zero principle’ instruments by not-for-profit organisations (NPOs) and listing of such instruments on the Social Stock Exchange (SSE). Under this, the SSE will have to specify the details to be incorporated in the fundraising document. The SSE will provide its observation on the draft fundraising document to the NPO within 30 days from the filing of the papers or receipt of clarification, if any, sought by the exchange from the NPO, whichever is later. Listing out other conditions for ‘zero coupon zero principle’ instruments, Sebi said that such instruments will be issued in dematerialised form only, and are not transferable. The minimum issue size has been set at Rs 50 lakh, the minimum application size at Rs 10,000 and the minimum subscription required to be achieved will be 75 per cent of the funds proposed to be raised through the issuance of such instruments. Sebi said that the funds will be refunded in case the subscription is less than 75 per cent of the issue size.