Union Budget 2019: New social stock exchange to list firms working for social welfare
BusinessToday.In July 5, 2019
Union Budget 2019: Finance Minister Nirmala Sitharaman in her budget speech in Parliament proposed allowing listing of social enterprises, bodies working for social welfare in social stock exchange under Sebi's guidance . She said an Electronic Fund-raising Platform (EFP) to be created for social and voluntary organisations to raise capital, debt and mutual fund.
Social Stock Exchanges (SSE) already exist in the UK, Canada, Singapore, South Africa, Brazil, Jamaica and Kenya.
The FM further assured, KYC norms would be eased for foreign investors and proposed steps would be taken to bring equity market closer to people by increasing threshold of minimum public shareholding from 25- 35 per cent.
The FM further said that the government is considering global investors meet using national infrastructure fund as an anchor to get all three sets of global stakeholders.
Credit Guarantee Enhancement Corp will be set up in 2019-20, action plan to deepen markets for long-term bonds with a specific focus on infra sector to be put in place, she said.
Sitharaman also said Rs 350 crore has been allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans.
(With agency inputs)