SEBI has notified the Listing Obligations and Disclosure Requirements (Third Amendment) Regulations, 2025, effective September 8, 2025. The amendments bring key reforms:
- Dematerialisation Mandate: Listed entities must issue securities arising from schemes of arrangement, sub-division, split, or consolidation only in demat form. For investors without demat accounts, companies must open separate accounts.
- Social Stock Exchange (SSE) Disclosures: Not-for-profit organisations (NPOs) registered on SSEs must file annual disclosures on financial and non-financial aspects within specified timelines.
- Impact Reporting: Annual impact reports must cover at least 67% of programme expenditure. NPOs registered on SSEs without raising funds must also submit self-certified reports.
- Fundraising Timeline: NPOs on SSEs are permitted not to raise funds for up to two years from registration, after which they must have at least one listed project to maintain registration.
- Schedule VII Amendments: Certain provisos have been removed to streamline compliance.
These changes strengthen transparency, ensure investor protection, and enhance accountability for entities listed on stock exchanges and social stock exchanges.
