Social Stock Exchange is a new potential funding mechanism for non-profit organisations in India. Many NPOs face trust deficits which prevent them from doing many social
activities. SSE was introduced to reduce this problem so that NPOs face fewer
challenges to operate. SSE is formed with the intent to give social enterprises
an additional avenue to raise money. This novel concept was built with the sole
purpose of serving the private and non-profit sectors by routing greater
capital to them. Let’s get into more details to understand what SSE is and
how the new framework can help a lot of NGOs to continue with their good deeds.
On Sept 19, 2022, SEBI proposed a new framework for
the Social Stock Exchange (SSE). This new framework would allow the listing of
non-profit organisations (NPO).
What is Social Stock Exchange?
Social Stock Exchange was first proposed by Finance
Minister Nirmala Sitharaman as a part of the budget speech for FY
2019-2020. This was initiated with the aim to list social enterprises and
voluntary organisations.
The exact speech was “It is time to take
our capital markets closer to the masses and meet various social welfare
objectives related to inclusive growth and financial inclusion. I propose to
initiate steps towards creating an electronic fundraising platform- a social
stock exchange-under the regulatory ambit of Securities and Exchange Board of
India for listing social enterprises and voluntary organizations working for
the realization of a social welfare objective so that they can raise capital as
equity, debt or as units like a mutual fund.”
To list, SEBI further added, “SSE under the
guidance of SSE Governing Council (SGC) shall mandate the structure of the
draft fundraising document/ final fundraising document. SSE shall host such
requirements on its website.“
SSE is formed with the intent to give social
enterprises an additional avenue to raise money. This novel concept was built
with the sole purpose of serving the private and non-profit sectors by
routing greater capital to them.
The information that is mandated for SSE to collect
is the NPO’s vision, strategy, details of key management personnel,
financial statements for the last three years, and the risks that the NPO sees
to its work.
“The SSEs will aim at unlocking large pools of
social capital, and encourage blended finance structures so that conventional
capital can partner with social capital to address the urgent challenges of
COVID-19” SEBI stated.
In 2019, a working group was created under the
chairmanship of Shri Ishaat Hussain (Ex-Director, Tata Sons). This working
group consisted of representatives from social welfare, social impact
investing, representatives from the Ministry of Finance, the stock exchanges
and NGOs.
Eligibility criteria for the NPO to get listed
The
primary goal of the NPOs that want to get listed should be social intent
and impact. These intents should be focused on various social objectives
for unattended and underprivileged populations or regions.
The NPO
should be engaged in 16 broad social activities listed by the board. The
eligible activities include eradicating hunger, poverty, malnutrition and
inequality, promoting healthcare, supporting education, employability and
livelihoods, gender equality empowerment of women and LGBTQIA communities,
and supporting incubators of social enterprise.
In the
circular, SEBI stated that any NPO which wants to get listed should be
registered as a non-profit entity and the registration certificate should
be valid for 12 months. There should not be any ongoing scrutiny or notice
by the Income Tax.
The
firm should be registered in India as a “charitable trust registered under
the public trust statute of the relevant state” or under the Societies
Registration Act, 1860, or the Indian Trusts Act, 1882, or incorporated as
a company under Section 8 of the Companies Act, 2013.
The
minimum age of NPO should be 3 years.
The NPO
should declare whether it is government or privately owned.
Any NPO
entity that wishes to get listed should have 80G registration under the
Income Tax Act. Each entity should have a minimum spending of Rs.50 lakh
in the last fiscal year and minimum funding of Rs 10 lakh in the past
financial year.
The NGO industry in India is quite
large. There are over 31 lakhs of NPOs which amounts to one NPO per 400
Indians. This new framework suggested by SEBI will definitely help these NPOs
to take an advanced route for the betterment of the people.
How Accountants and Auditors feel about each other
Accountant Joke :Interview Question : two plus two
A businessman was interviewing job applications for the position of manager of a large division. He quickly devised a test for choosing the most suitable candidate. He simply asked each applicant this question, "What is two plus two?" The first interviewee was a journalist. His answer was, "Twenty-two". The second was a social worker. She said, "I don't know the answer but I'm very glad that we had the opportunity to discuss it." The third applicant was an engineer. He pulled out a slide rule and came up with an answer "somewhere between 3.999 and 4.001." Next came an attorney. He stated that "in the case of Jenkins vs. the Department of the Treasury, two plus two was proven to be four." Finally, the businessman interviewed an accountant. When he asked him what two plus two was, the accountant got up from his chair, went over to the door, closed it, came back and sat down. Leaning across the desk, he said in a low voice, "How much do you want it to be?" He got the job.
Window Dressing
A
lady goes to see her doctor with some very worrisome symptoms. After
examining her, he says, "I'm terribly sorry to tell you this, but you
only have six months to live." The lady is very distraught, "Oh doctor,
what should I do", she asks. The doctor says, "I advise you to marry a
CPA.""Will that make me live longer?", she asks, hopefully. "No, " says
the doctor. "But it willseem longer."
Audit Report
Auditors Jokes : Time sheets
An
accountant dies and goes to heaven (no, that's not the joke). St.
Peter, of course, is there, looking through the files and asking a few
quick questions. "What sort of accountant were you?" "Oh, I was a CPA",
was the reply. "Name?" asks St. Pete. The accountant gives his name and
St. Peter finds his file. "Oh yes, we've been expecting you. You've
reached your allotted time span." The accountant says, "I don't get it.
How can that be? I'm only 48 years old." Pete looks again at the file
and says, "Well, that's impossible." "Why do you say that?" asks the
accountant. "Well," says St. Peter, "we've been looking over your time
sheets and the hours you've charged your clients. By our reckoning, you
must be at least93 years old!"
Documentation
Tax Jokes
An
accountant is walking along the beach (also, not the joke) and he finds
an old lamp. He picks it up, rubs it and of course, a genie appears.
The genie says "I am the most powerful genie that has ever lived. I can
do great and wonderful things and I can grant you your dearest wish. But
only one." Well, this accountant is a deeply caring individual. He
pulls out a map of the Mediterranean area and says, "My dearest wish is
that you solve the Arab-Israeli conflict in the Middle East. The genie
strokes his beard and looks worried. "Oh dear, " he says , staring at
the map. "That's a tough one. Those people have been fighting for eons.
No one has been able to come up with a successful solution. I'm not sure
if I could do any better. You should probably make another wish." The
accountant is understanding and says, "All right. Listen, the IRS has
asked me to re-design their 1040 form so that everyone can
understand it. Can you help me with that?" There's a long silence and
finally the genie says, "Let's have another look at that map."
Tax Deductions
Auditors _matters of interest
Twisting the Generally Accepted Accounting Practices (GAAP)
Personal life of consultants
Typical Bed time worry -Convergence of GAAP
Typical Bed time worry -Which tax rule
Clients with Auditor
BEST WISHES FROM A CA
Audit of Sheep
Once upon a time there was a shepherd looking after his sheep on the side of a deserted road.
Suddenly a brand new Porsche screeches to a halt.
The driver, a man dressed in an Armani suit, Cerutti shoes, Ray-Ban
sunglasses, TAG-Heuer wrist-watch, and a Pierre Cardin tie gets out and asks the shepherd,
'If I can tell you how many sheep you have, will you give me one of them?'
The shepherd looks at the young man, then looks at the large flock of grazing sheep and replies, 'Okay.'
The young man parks the car, connects his laptop to the mobile-fax, enters a NASA Website, scans the ground using his GPS,
opens a database and 60 Excel tables filled with algorithms and pivot tables.
He then prints out a 150-page report on his high-tech mini-printer, turns to the shepherd and says,
'You have exactly 1,586 sheep.'
The shepherd cheers, 'That's correct, you can have your sheep.'
The young man takes one of the animals from the flock and puts it in the back of his Porsche.
The shepherd looks at him and asks, 'If I guess your profession, will you return my animal to me?'
The young man answers, 'Yes, why not?'
The shepherd says, 'you are an auditor.’
'How did you know?' asks the young man.
'Very simple,' answers the shepherd. ‘
Firstly, you came here without being wanted.
Secondly, you charged me a fee to tell me something I already knew..
Thirdly, you don't understand anything about my business...
'.....Now Can I have my dog back?'
Annual Report Drafting
Accounting Standards
Economist Joke : How will economists be used in hell A man was sent to Hell for his sins. As he was being processed, he passed a room where an economist he knew was having an intimate conversation with a beautiful woman. "What a crummy deal!" the man complained. "I have to burn for all eternity and that economist spends it with that gorgeous woman." An escorting demon jabs the man with his pitchfork and shouts, "Who are you to question that woman's punishment?"
Drafting an Agreement
Difference between Merger and Acquisition
Corporate Culture related Jokes
Strategy
Process Orientation
Venture Capitalists
Reading in between lines
Statistics
Analytics
DO U ASPIRE FOR A C.A. WIFE ??READ AND THEN THINK When I told my mom that I wanted a professional woman as my wife, she got me one; a Chartered Accountant.She uses LIFO method while taking out the refrigerated food. She thinks I am no good at figure work. Fine with me, for now she handles the budget of the house.
Initially she used to send me a bill at the month end, but when I told her that I am not her client but her husband, she asks for the money in advance. The expenses had been rising steadily over the months, so one day I snooped into the papers maintained in a current file. No wonder! She was charging conveyance and overtime to the house budget. She is crazy, I tell her but she corrects me. No my darling, I am the auditor. I fail to see the light.
Every scrap of the paper in our house is filed. She tells me as per some Ordinance she must keep a copy of every thing for at least ten years before destroying
it. I am worried. The other day we had an hour-long fight. Later, I got to know that she had charged that hour to a client of hers, in the time sheet. My time was put down as unoccupied.
She says that she loves me and I tell her that I love her too. However, she never believes me. She says that there is susceptibility of it being a misstatement. Duh! She wants my representation on this!
Last year our house accounts got a qualified opinion I had not kept the supporting etc. of my purchases. Not a long time back my brother's wedding was to be solemnized. Wedding cards had been sent. After some time I started receiving a steady trickle of letters. I was puzzled until my wife was explained that external evidence was more reliable. She had called for confirmations from all those to whom cards were sent.
When she cooks, my wife at times does not go by recipe. Where the recipe says add half-teaspoon vinegar, one tsp black salt or one teacup of water, she ignores them. She says that they are not material when taken in context of whole meal being prepared.
She is crazy, I tell you. Surprisingly everybody calls her an auditor, instead. I checked the dictionary and it did not state that auditor is a synonym for crazy.
The dictionary must be outdated.
When we got married, she had given me an Engagement Letter and I Had said how cute-how sweet. Now she gives it to me every year saying that her standards state that it must be sent anew if there is any indication that I have misunderstood the objective and scope of engagement. Huh!
Apart from sending me the engagement letter once again she says I can't get rid off her just like that. She says that she has the right of being heard before I appoint some one else. It seems I must keep reading one local and another English newspaper published and circulated in the vicinity of our house for more details.
Phew! For a minute, I thought that we had jeopardized our going concern status. Duh! Dare I say so??
i am told by one of my female colleagues who is married to a CA that the scenario is even worse when the guy is a CA. Apparently he capitalized the wedding expenses as preliminary expenses and is writing it off every year. Also the time he spent dating hiswife before marrying her is still under consideration for valuation under AS-26...valuation of intangible assets.
So guyz please think twice....should u really marry a CA? and yes please discount it by the appropriate rate to arrive at the present value of the risk of doing so !!!!!!!
Be careful while delaing with Chartered Accountant
Once a Chartered accountant was travelling by train in A/c class. He was traveling from Manmad to Bangalore!
He was traveling alone!
Some time later, a Beautiful lady came and sat in the opposite berth!
Chartered accountant was pleasantly Happy!
The lady kept smiling at him! This made d chartered accountant even more Happy!
Then she went and sat next to him!
The chartered accountant was bubbling with Joy!
She then leant towards him and whispered in his ear " Hand over all your valuables, cash, cards, mobile phone to me
else I will shout and tell everybody that you are harassing and misbehaving with me"
The chartered accountant stared blankly at her!
He took out a paper and a pen from his bag and wrote " I can not hear or speak. You write on this paper whatever you want to say"
The lady wrote everything what she said earlier and gave it to him!
Chartered accountant took her note, kept it in his pocket!
He got up and told her in clear tones..."Now shout & scream!!"
MORAL OF THE STORY : *DOCUMENTATION IS VERY IMPORTANT*😜
Grass
A highly successful MD of MNC was going home in his car when he
saw two men along the roadside eating grass.
Disturbed by the sight, he ordered his driver to stop and
got out to investigate.
He asked one man
"Why are you eating grass?"
"We don't have any money for food," the poor man
replied. "We have to eat grass."
"Well, then, you can come with me to my house and I'll feed
you" the MD said.
"But sir, I have a wife and two children with me. They
are over there, under that tree".
"Bring them along," the MD replied.
Turning to the other poor man he stated, "You come with us
also."
The second man, in a pitiful voice then said, "But sir, I
also have a wife and three children with me!"
"Bring them all, as well," the MD answered.
They all entered the car, which was no easy task, even for a car
as large as it was.
One of the poor fellows turned to the MD and said, "Sir, you
are too kind. Thank you for taking all of us with you."
The MD replied, "Glad to do it. You'll really love my place;
the grass is almost 1 meter high!"
Lesson :
* Never trust Higher Management ... They will go to any
extreme to finish their job._
*And there is none like a KIND Management * 😜
Dedicated to all successful Managers and upcoming General Managers
....._😀😀
Corporate Ways and Means
A king had 10 wild dogs.
He used them to torture and kill any minister that angered him.
A minister once gave an opinion which was wrong and which the king didn't like at all…
So he ordered that the minister to be thrown to the dogs.
The minister said,
"I served you loyally 10 years and you do this..?
The king was unrelenting.
Minister pleaded"Please give me 10 days before you throw me to the dogs"
The king agreed.
In those 10 days the minister went to the keeper of the dogs and told him he wanted to serve the dogs for the next 10 days…
The guard was baffled…
But he agreed.
So the minister started feeding the dogs, caring for them, washing them, providing all sorts of comfort for them.
So when the 10 days were up…
The king ordered that the minister be thrown to the dogs as sentenced .
When he was thrown in,
everyone was amazed at what they saw..
The dogs were wagging their tails playing with the condemned minister..licking his feet.
The king was baffled at what he saw. " what happened to the dogs? !!!" He growled.
The minister then said;"
I served the dogs for only 10 days and they didn't forget my service…
Yet I served you for 10 years and you forgot all at the first mistake!"…
The king realised his mistake
and
Replaced the dogs with crocodiles !!
Moral : Once Management has targeted you ... That's Final... They will find ways
Well prepared answers for an interview is ok but pre-prepared answers are dangerous
One young man went for an IAS Interview.
"When did India get independence? " He was asked.
"The efforts began a few years earlier and final result was in 1947" He replied.
"Who was responsible for our independence? "
"There were so many. Whom to mention? If I name one, it will be a injustice to another. " He replied.
"Is corruption the number one enemy in our country?"
"Some research is going on the subject and I can answer with certainly only after seeing the report" He replied.
The interview board was very pleased with his original and thoughtful answers and asked him not to reveal the questions to others, since they were planning to ask the same questions.
When he went out naturally others were curious to know what was asked. He politely declined, but one persistent Santa would not leave him. "At least tell me the answers" he pleaded, and our friend obliged.
Then it was the turn of this Santa. When he went inside, since his resume was slightly illegible, the board member asked him.
" By the way, what is your date of birth?" He replied, " The effort began a few years earlier and final result was in 1947." Somewhat puzzled, they asked another clarification.
"What is your fathers name?" He replied, "There were so many. Whom to mention". If I name one, it will be injustice to another".
The interviewer was incensed. " Hey! Are you mad or what?" He replied. "Some research is going on the subject. I can answer with certainty only after seeing the report ."
How Various People think about Auditor
Difference between a Good CA and a Great CA
Question : What is the difference between a Good CA and a Great CA
Answer : A Good CA knows the Income Tax Act and A Great CA knows the Income Tax Officer
LIFE AS PER ACCOUNTANT
Struggles
of CA students
Study
Material Collection
Attending Classes
Exam Preparation
Answering Theory Papers
CA is not course it is a way of life
REVISION OF STUDY MATERIAL
How a CA Student thinks
Competetion Among Friends
Two types of subjects in CA-Dilemna
Ramayan For Others - MindMap model for CA Students Why CA course commands so much attention
Difference
between B. Com & CA - Question Paper Pattern
Question
in B. Com exam: How many balls are there in an over?
Answer:
6
Full
Marks!!!
If
this was given in CA exam, then,
The answer would be WRONG and the examiner’s comment in the suggested answers
would be -
"Most of the students answered the question. However, students have not
understood the question correctly. Answer points to a lack of in-depth
understanding and conceptual clarity on the subject. Correct answer is 1 (one)
ball which is delivered 6 times, if the umpire (as defined under bye law 19 of
Rule 2) did not declare any no ball in all those deliveries.
Incase the umpire, as defined above, declares a No Ball as defined in the
byelaw 24 Rule 3 of the Laws of Cricket (Lords), then there will be an
additional ball delivered, using the same ball, for every no ball declared by
the umpire.
Note that such additional balls (deliveries) will not be counted towards the
number of actual balls (deliveries)."
Similarly for a wide ball, under byelaw 25 Rule 3 of the Laws of Cricket
(Lords) an additional ball will be delivered for every wide ball declared by
the umpire.
Thus keeping in view the Rules 19, 24 & 25 of the Laws of Cricket(Lords)
the answer is 1 ball.
However, if the ball used for the said deliveries suffers or undergoes such
transformation or such other changes which, the umpire, on an appeal being made
by the bowler, deems unfit for use, the ball may be changed/replaced with
another one. Only in such a case, will there be use of multiple balls in an
over.
(The student may assume that the batsmen did not hit a sixer, thereby forcing
the ball to go out of the park causing another ball to be used)''
Life of a CA
Article Student
I
have time for friends In my three years of internship I have made some very
valuable friends. One of them is “the laptop” which is with me through thick
and thin, come rain or terrible heat, no matter how the long journey is to
client’s place. No
wonder that after a
few months I end up suffering from back ache... “ahhh..well, the things people
endure for their friends”
Now
I know each coin has two sidesJust as in the Corporate world a
Company Secretary is the Link between the shareholders and the company, In the
audit world I am the link between the client and audit team. The client bitches
tom me about how unrealistic the audit team demands are and the team bitches
about how uncooperative the client is.
Now
I am grateful to all scientists who made our life easyWithin days of
starting my internship I was equipped with tools which would ensure my success
in this field. The tools being “Ctrl+C” Ctrl+V” Alt+Tab”I don’t know when or
who invented the calculator but god bless him/her for the invention that helps
me survive tracing.
Now
I appreciate how a voucher is made My main goal in life during the three
years of internship is to get my expense reports signed which sometimes may be
inflated; adhering to the old adage “Aim Higher in case you fall short”.
Now
iam a better Team player I consider it my duty to remind members
of my audit team to have lunch, order for snacks and try to enjoy their life in
general lest audit consume their life.
My
suggestions are always valued. When I say I don’t want to go to any
outstation audit. I immediately get sent to one. When I say I want a small
client I immediately get a big MNC client to audit.
Now
I appreciate my teachers better Along with doing audit
many-a-times I end up having to play the role of a tutor .i.e. teaching excel
shortcuts to the client and then watch as they keep forgetting to use it….*new
found respect for my school and college teachers*.
I
have improved my English skillsI have learnt more
about punctuation doing Call and Compare than I Have learnt in school.
The
process is as important as result My work efficiency is most often than
not measured by what I actually do but by how late I sit every day and how well
presented my work papers are irrespective of whether they have any observations
or not.
Now
I use my sleep time also for career My mind is so full of office
work I
get dreams relating to it.Sometimes I have recurring nightmares where in my
hard earned comp-offs get rejected based on the “actual productive working
hours” principle.
Doctor vs engineer
An Engineer was unemployed for long time. He could not find
a job so he opened a medical clinic and puts a sign up outside: "Get your
treatment for $500, if not healed get back $1,000."
One Doctor thinks this is a
good opportunity to earn $1,000 and goes to his clinic.
Doctor: "I have lost
taste in my mouth."
Engineer: "Nurse, please
bring medicine from box 22 and put 3 drops in the patient's mouth."
Doctor: "This is
Gasoline!"
Engineer:
"Congratulations! You've got your taste back. That will be $500."
The Doctor gets annoyed and
goes back after a couple of days later to recover his money.
Doctor: "I have lost my
memory, I cannot remember anything."
Engineer: "Nurse, please
bring medicine from box 22 and put 3 drops in the patient's mouth."
Doctor: "But that is
Gasoline!"
Engineer:
"Congratulations! You've got your memory back. That will be $500."
The Doctor leaves angrily and
comes back after several more days.
Doctor: "My eyesight has
become weak."
Engineer: "Well, I don't
have any medicine for this. Take this $1,000."
Doctor: "But this is
$500..."
Engineer:
"Congratulations! You got your vision back! That will be $500."
