<p>This paper looks at the newly-established social stock exchange in India through a conceptual lens – the institutional analysis and development (IAD) framework. It shows how institutional mechanisms of the exchange can be looked at systematically through attributes of the IAD framework such as action arena, exogenous variables, interactions, outcomes, and evaluative criteria. To indicate the relationships amongst these attributes, a box-and-arrow model is developed. Additionally, observations on capacity building, need for financial innovation, incentives for donations and investments, performance reporting standards, and long-term sustainability are made. These observations elucidate functioning of the exchange and might be consequential for the success of the exchange.</p>