SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOs

Current Context: On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the Social Stock Exchange (SSE).

ZCZP Instruments on the SSE are donation instruments offering no interest or principal return.
Since it is a donation, not a loan or investment, the contributed funds will not be refunded to the donor.
The procedure for Public Issuance of ZCZP Instruments by NPO is as follows:

The NPO, via lead manager(s), submits the draft fundraising document to the registered SSE with specified fees and an application for in-principle approval.
The draft document is posted on both SSE and the organization’s website for a minimum of 21 days for public comments.
The SSE provides observations within 30 days of filing or receiving clarifications from the organization.
The organization incorporates SSE’s observations into the draft fundraising document and submits the final version before initiating the issuance.

Question:

Q.1 What type of instruments did the Securities and Exchange Board of India (SEBI) notify a procedure for public issuance by a Not for Profit Organization (NPO)?
a. Interest-bearing Bonds
b. Zero Coupon Zero Principal (ZCZP) Instruments
c. Equity Shares
d. Mutual Funds