The public issue of Lucknow-based non-profit Dignity Education Vision International (DEVI) Sansthan on the BSE Social Stock Exchange (SSE) concluded on July 10, 2026. Through the issue, the organisation sought to raise up to ₹1.10 crore by issuing Zero Coupon Zero Principal (ZCZP) instruments to support its flagship ALfA (Accelerated Learning for All) programme.
With the subscription window now closed, the focus shifts to the allotment process, subscription outcome, and deployment of funds for educational initiatives aimed at improving Foundational Literacy and Numeracy (FLN) among children.
Following the closure of the issue, the final subscription will determine the next course of action. Under the Social Stock Exchange framework, the issue requires a minimum subscription of 75%, or around ₹0.83 crore, to proceed. If the threshold is not met, the funds collected from investors will be refunded.
In case of oversubscription, allotment of ZCZP instruments will be carried out on a pro-rata basis across eligible retail, non-institutional, and institutional investors. Once the process is completed, the instruments will be listed on the BSE Social Stock Exchange.
Unlike conventional investment products, ZCZP instruments do not offer interest payments, principal repayment, or secondary market trading. Instead, they enable investors to contribute to verified social impact projects through a regulated fundraising platform.
After issue-related expenses, DEVI Sansthan expects net proceeds of approximately ₹1.02 crore.
The funds will be allocated as follows:
| Category | Amount (₹) |
| Program Design, Training & Capacity Building | 10,14,000 |
| Learning Materials & Classroom Resources | 72,63,800 |
| Monitoring & Evaluation | 5,76,000 |
| Field Implementation & Local Support | 6,80,200 |
| Program Management & Administration | 4,76,700 |
| Contingency Funds | 1,90,800 |
| Total | 1,02,01,500 |
Founded in 1992 by former World Bank economist Dr. Sunita Gandhi, DEVI Sansthan has been working to improve access to quality education for over three decades. Its fundraising initiative reflects the evolving role of India's Social Stock Exchange in enabling eligible non-profit organisations to access public funding through transparent and regulated mechanisms.
The conclusion of DEVI Sansthan's SSE issue marks another step in the development of impact investing in India. While ZCZP instruments do not generate financial returns, they provide a structured avenue for individuals and institutions to support measurable social outcomes. The success of such initiatives could further strengthen the Social Stock Exchange as a platform for funding projects that address critical developmental challenges.
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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jul 13, 2026, 9:30 AM IST
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