Social Impact Assessors
Social Stock Exchange (SSE) impact assessor certification — social audits, impact measurement, and SEBI SSE framework.
Exam Pattern & Marking
Detailed Syllabus
11 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | SIA Case Studies on SAS Standards | 15 | 75 |
| 2 | SIA Reporting | 11 | 55 |
| 3 | SIA Assessment Frameworks Techniques and Standards | 10 | 50 |
| 4 | SIA Disclosure Reporting and Penalties | 10 | 50 |
| 5 | SIA Logic Model for Social Programs | 10 | 50 |
| 6 | SIA Social Impact Assessment and Assessors | 10 | 50 |
| 7 | SIA Social Sector Ecosystem | 10 | 50 |
| 8 | SIA Social Stock Exchange Introduction and Instruments | 10 | 50 |
| 9 | SIA SSE Registration and Listing | 6 | 30 |
| 10 | SIA Key Regulations | 5 | 25 |
| 11 | SIA Taxation | 3 | 15 |
| Total | 100 | 500 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series XXIII is for empanelled Social Impact Assessors — professionals who audit and certify the social impact of organisations listed on India’s Social Stock Exchange (SSE). The SSE is a SEBI initiative launched in 2022 for not-for-profit organisations (NPOs) and for-profit social enterprises (FPEs).
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take XXIII
- CAs and CMAs empanelled as Social Impact Assessors
- Independent professionals working on impact assessment
- ESG / sustainability consultants
- NGO sector professionals
Key Knowledge Areas
Social Stock Exchange (SSE)
The SSE is a separate segment within NSE and BSE for raising funds by NPOs and FPEs working in social sectors. Investors can subscribe to Zero Coupon Zero Principal (ZCZP) bonds or development impact bonds.
Eligible activities
SEBI-recognised social activities for SSE listing:
- Education
- Healthcare
- Environmental sustainability
- Gender equality
- Rural development
- Slum development
- Hunger / poverty alleviation
- Vocational training
Impact measurement frameworks
| Framework | Origin | Use |
|---|---|---|
| IRIS+ | GIIN | Global standard for impact metrics |
| SDG framework | UN | Mapping to 17 SDGs |
| Theory of Change | — | Logical chain of inputs → outputs → outcomes → impact |
| SROI | — | Social Return on Investment in monetary terms |
Social audit process
A Social Impact Assessor independently audits and reports on the social outcomes claimed by an SSE-listed entity. Annual audit mandatory for listed NPOs.
Audit phases:
- Pre-audit planning
- Document review
- Field visits / beneficiary interaction
- Outcome verification
- Audit report
SEBI SSE Regulations
- NPO listing requires 12i registration, 80G certificate, 12-month track record
- FPE listing requires meeting “social enterprise” criteria
- Empanelled SIAs perform mandatory annual audits
- Impact reports filed with SSE quarterly/annually
Key Fact: ZCZP bonds are zero-yield instruments — donors / investors don’t expect financial return, only social impact. Tax benefits under §80G apply.
Exam Tips
Tip 1: SSE structure and eligibility criteria carry 15+ marks. Know NPO vs FPE distinctions.
Tip 2: Impact frameworks — IRIS+, SDGs, Theory of Change, SROI — are exam-favourites. Know each conceptually.
Tip 3: Audit process and assessor obligations are tested in scenario questions.
Tip 4: SEBI SSE Regulations specifics — minimum issue size, listing procedure, ongoing compliance — recur.
Try the Free Quiz
Test your knowledge with our free Series XXIII practice quiz — or get the full bank of 500+ XXIII questions plus mock tests in the NISM Exam Prep app.
Ready to test your Social Impact Assessors knowledge?
Try 30 free questions now, or get all 500 in the app.
Get the full NISM Exam Prep app
All 13,000+ questions across 31 NISM exams, 20 finance calculators, and pro utilities.
