New Delhi: The corporate affairs ministry on Friday allowed companies to deploy up to 10% of their annual corporate social responsibility (CSR) spending through zero coupon zero principal instruments issued by not-for-profit organisations listed on recognised social stock exchanges.

Analysts said the move could provide a much-needed boost to social stock exchanges in India, which have struggled to attract sufficient investors. Companies spent ₹34,909 crore on CSR activities in 2023-24, according to the latest official data.

A social stock exchange operates as a dedicated segment of an existing bourse such as BSE or NSE, enabling social enterprises to raise funds through market-linked instruments. Eligible entities include both not-for-profit organisations and for-profit social enterprises.

In a notification, the ministry defined a zero coupon zero principal instrument as a security issued by a not-for-profit organisation registered with a social stock exchange under Securities and Exchange Board of India regulations.

Under the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2026, companies subscribing to such instruments will be exempt from carrying out impact assessments for projects funded through them. The rules came into effect on Friday.

“For years the social stock exchange has had one basic problem, which is that there were never enough buyers. This amendment goes some way to fixing that,” said Manpreet Singh, partner and sustainability practice leader at Grant Thornton Bharat.
The move also changes the conversation in the boardroom, he said. “Until now the question was which NGO to write a cheque to. It now becomes how to build a CSR portfolio that is properly vetted and tracked,” Singh said. For companies, the notification “not only enhances transparency, accountability and impact measurement in CSR initiatives, but also enables more strategic alignment of social investments with ESG and sustainability objectives”, said Sandeepp Jhunjhunwala, partner at Nangia Global Advisors.The move, Jhunjhunwala added, is expected to “encourage companies to participate in outcome-oriented development projects through a regulated and market-linked mechanism”.

The move “helps in furtherance of a transparent and credible mode of funding CSR projects by the companies and enable social enterprises to access a wider pool of capital”, said Anshul Jain, partner-regulatory at PwC India.

Mumbai: Brokerage Jefferies’ global equity strategist Chris Wood has warned of potential capital destruction in the ongoing Artificial Intelligence investment cycle led by the US technology giants.

Drawing parallels with the past boom-and-bust cycles such as the dotcom in late 1990s and British Railways in the 19th century, Wood, in his newsletter Greed & Fear, said, “…..a lot of capital will be destroyed in this AI capex cycle and that capital is most likely to be destroyed by US players given the Chinese AI capex of “only” Rmb 841 billion ($124 billion) this year.”

The Chinese investment is equivalent to 18% of the projected US$680 billion of capex by the four hyperscalers, he said, referring to Amazon Web Services, Microsoft Azure, Google Cloud Platform, and Meta, which dominate the cloud and data-centre operations.

Despite the rapid adoption of artificial intelligence technologies, Wood cautioned that the pace of investment may not be sustainable.

“The reality is that the world is now adopting Artificial Intelligence at breakneck speed; though Greed & fear’s base case is that adoption will be slowed down in due course by an over-investment bust in the US, if not in China,” said Wood.

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Operator

Welcome to Zomedica’s First Quarter 2026 Financial Results and focus on the companion animal vet tech market. Today, we’ll examine the largest and most consistent segment in veterinary medicine, companion animal care and the role it plays in driving recurring scalable growth. We’ll walk through the market opportunity and how Zomedica is positioned within daily clinical workflows.

Before we begin, I want to remind current and potential investors that we will be making various remarks about future expectations, plans and prospects that are considered forward-looking statements. There are risks that actual results may differ from these statements. We refer you to the safe harbor statement on screen or to the Risk Factors sections of our public filings, which can be found on our website under Investor filings, EDGAR and SEDAR+. The statements are made as of today, May 29, 2026, and reflect our expectations as of today. Thank you for joining us for Zomedica’s investor webinar series. We’re excited to have you with us as we take a closer look at our company, our innovative product platforms and the passionate people driving our success. This series is designed to give you a deeper understanding of how we’re delivering value to veterinarians and to our shareholders.

At Zomedica, our mission is to deliver innovative diagnostic and therapeutic technologies that empower veterinarians to focus on what they love most, enhancing pet care and improving pet parent satisfaction. Equally important, we help vets with what they need most, streamlining workflow, increasing cash flow and boosting practice profitability. At Zomedica, our mission is guided by what we call our 5

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Boston Scientific Corporation (BSX) Bernstein 42nd Annual Strategic Decisions Conference May 27, 2026 8:00 AM EDT

Company Participants

Michael Mahoney – Chairman, President & CEO
Ken Stein – Senior VP & Global Chief Medical Officer

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Conference Call Participants

Lee Hambright – Bernstein Institutional Services LLC, Research Division

Presentation

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Lee Hambright
Bernstein Institutional Services LLC, Research Division

All right. Hi, everybody. I’m Lee Hambright, U.S. medtech analyst at Bernstein. We’re very pleased to kick off the Strategic Decision Conference again with Boston Scientific. We’ve got Mike Mahoney, Chairman and CEO; and Ken Stein, Chief Medical Officer. Thanks so much, guys, for being here.

Michael Mahoney
Chairman, President & CEO

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Thank you for having us.

Question-and-Answer Session

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Lee Hambright
Bernstein Institutional Services LLC, Research Division

For those of you in the audience, if you have questions, you can enter them in the pigeon hole tool. I will try to work in as many as I can. Mike, maybe kicking off, you’re in your 15th year at Boston Scientific, and you’ve transformed the company from flattish growth when you joined to 16% organic growth over the past couple of years. 2026 is a little bit of a transition year. Maybe you could kick us off with a few thoughts on the state of the business.

Michael Mahoney
Chairman, President & CEO

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Sure. Good morning. Thanks for coming, everybody. As you said, we’re very proud of the company and what we’ve built over the years, the markets that we’re competing in. We think we still compete in markets that grow at least 8% as we said at our Investor Day last year. So we’ve really positioned ourselves in the right growth markets.

You’ve seen some recent announcements with the Penumbra shareholder vote and investment in MiRus and other investments. So we really invest for the company

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