Securities and Exchange Board of India (SEBI) released a Consultation Paper on ESG (Environmental, Social, and Governance) Disclosures, Ratings, and Investing. The paper aimed to solicit feedback on proposed regulatory changes to improve ESG disclosure and practices in the Indian securities market.
The paper covered a range of topics, including the need for standardized ESG disclosure frameworks, the role of ESG ratings agencies, and the integration of ESG considerations into investment decision-making.
In May 2022, SEBI constituted the ESG Advisory Committee (EAC) to make recommendations to streamline the regulatory framework for ESG Disclosures, Ratings and Investing.
SEBI has mandated the top 1000 listed companies by market capitalization to make filings as per the Business Responsibility and Sustainability Reporting (BRSR) from FY2023. In FY22, more than 175 companies reported on the BRSR framework on a voluntary basis.