Securities and Exchange Board of India (SEBI) has inducted R. Balasubramaniam, founder and chairman of GRAAM, Mysuru, as a member of the Technical Group on Social Stock Exchange (SSE). The committee has been formed to develop guidelines for setting up the Social Stock Exchange in India.
The committee will develop a framework for on-boarding non-profit organisations and non-profit enterprises as well as prescribe disclosure requirements on financials and governments. The group will also prescribe disclosure requirements relating to performance and highlight the aspects related to social impact and social audit. Dr. Balasubramaniam’s membership is with effect from October 7.
The committee is chaired by Harsh Kumar Bhanwala, former chairman, NABARD. The decision for setting up the technical group was taken following the recommendation of the working group on SSE. Earlier, the working group, chaired by Ishaat Hussain, had submitted its report on June 1, a release from GRAAM said here.
The working group outlined its vision and made high-level recommendations that included participation of non-profit organisations (NPOs) and for-profit enterprises (FPEs) on social stock exchanges, subject to committing to minimum reporting requirements.
“We strongly feel that the induction of Dr. Balasubramaniam, who founded the Swami Vivekananda Youth Movement (SVYM), will strengthen the committee with his vast experience of building, developing and managing organisations working in the not-for-profit sector, besides the development sector experience with studying and teaching at the world’s leading schools of policy and development, including Harvard and Cornell universities. He has also been a special investigator for Karnataka Lokayukta, in addition to holding membership and consulting positions in government bodies and commissions, academic boards and development agencies, including the World Bank,” said GRAAM executive director Basavaraj R.
Dr. Balasubramaniam embodies a blend of grassroots and macro perspectives on development and policy through his multi-faceted experience of more than three decades, he said in the release.