Looks quite new to be a pennant for the Nat. Soz Schülerbund (existing within the HJ-organization), as I think it is what this pennant is meant for.
Officially the NSS was disbanded with orders from April 13, 1933. NSS school-groups were from then on to be known as Schulgruppen der HJ and
taken over by the HJ (note 45 from the Verordnungsblatt der HJ, number 5 from April 13, 1933). The abolishing was with the entry of April 1, 1933.
The explanation was quite extensive and explained with over six pages
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