Description

BSE introduces bidding mechanism for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange platform with specified file formats for SCSB participation.

Summary

BSE has introduced a bidding mechanism for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange (SSE). The circular provides detailed file format specifications for Self-Certified Syndicate Banks (SCSB) to upload bid data and receive response files. Banks must mandatorily bid in ASBA mode with DEMAT type.

Key Points

  • Introduction of ZCZP instrument bidding on Social Stock Exchange platform
  • Standardized upload file format for SCSB with 18 mandatory fields
  • Response file format specification for bid confirmations
  • Mandatory ASBA mode for banks with DEMAT only
  • Support for both CDSL and NSDL depositories
  • PAN and bank account details mandatory for all bids
  • Action codes supported: N (new), M (modify), D (delete)
  • Series value fixed at “0” for all bids
  • Cut-off flag mandatory but set to “0” (zero)

File Format Requirements

Upload File Specifications

Mandatory Fields:

  • Scrip ID (10 characters) - Symbol of the SSE entity
  • Quantity (11 digits)
  • Cut Off Flag (1 character) - Must be “0”
  • Rate (6.2 numeric) - Face value
  • Application Number (16 characters)
  • PAN Number (10 characters)
  • Category (5 characters) - SEBI client sub-category codes (11, 12, 21, 32, etc.)
  • IFSC Code (11 characters)
  • Type (Integer) - Must be “1” for DEMAT
  • Series (Integer) - Must be “0”
  • Action Code (1 character) - N/M/D

Demat Details (Mandatory for DEMAT type):

  • Depository (4 characters) - CDSL or NSDL
  • DP ID (16 characters) - “0” for CDSL, 8-digit for NSDL
  • Client ID/Beneficiary ID (16 digits) - 16-digit for CDSL, 8-digit for NSDL

Optional Fields:

  • Account Number (16 characters)
  • Bank Reference Number (16 characters)

Conditional Fields:

  • Cheque Received Flag (Y/N)
  • Cheque Amount (12 digits) - Auto-generated if flag is “N”, manual if “Y”
  • Bid ID (16 digits) - System generated, “0” for new bids

Response File Format

The response file mirrors the upload file structure, confirming bid acceptance with the same field specifications.

Compliance Requirements

  • SCSBs must use the prescribed file format for bid uploads
  • All bids must be in DEMAT mode only (Type = 1)
  • ASBA participation is mandatory for banks
  • PAN verification required for all applications
  • Depository details must match the specified format for CDSL/NSDL
  • Series value must always be “0”
  • Proper action codes must be used for bid modifications or deletions

Important Dates

  • Effective Date: November 14, 2025

Impact Assessment

Market Impact: Medium - Creates new fundraising avenue for social enterprises through ZCZP instruments on SSE platform, expanding impact investing options.

Operational Impact: Medium - Requires SCSBs to implement new file format specifications and ensure system compatibility for ZCZP bid processing. Banks need to configure their systems to handle the 18-field upload format and process response files accordingly.

Investor Impact: Medium - Provides institutional and retail investors access to social impact investments through a structured bidding mechanism with DEMAT settlement, ensuring transparency and standardization in SSE fundraising.

Impact Justification

Introduces new bidding mechanism for specialized SSE instruments affecting banks and investors participating in social enterprise fundraising