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The COVID-19 pandemic has highlighted the importance of sustainability and responsible business practices, leading to increased focus on Environmental, Social, and Governance (ESG) standards globally. In India, the regulatory landscape for ESG is evolving, with the Prime Minister expressing support for high ESG scoring companies. However, there is currently no specific legal regime governing ESG ratings and ERPs are not under regulatory supervision. To address this, SEBI has released a consultation paper on ESG Rating Providers for Securities Markets, aiming to establish a regulatory framework. In this blog, we will explore the regulatory landscape for ESG rating providers in India, the challenges in the current system, and the proposed framework in the SEBI consultation paper.
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In conclusion, SEBI’s proposed framework for ESG ratings in India aims to establish a credible and transparent ecosystem for ESG ratings through accreditation of ERPs, standardization of rating products, transparency in the rating process, governance measures, and reporting requirements. The framework emphasizes accuracy, independence, and integrity in ESG ratings, with a focus on mitigating conflicts of interest, ensuring data confidentiality, and promoting transparency through disclosure of rating rationale and methodologies. Overall, this framework is a significant step towards enhancing the quality and reliability of ESG ratings in India, fostering sustainable and responsible investing practices, and contributing to a positive impact on the economy, society, and environment.
Also Read:ESG and Sustainable Development: How are they Related?Future of Environmental, Social, and Governance (ESG): Emerging Trends and Opportunities for Investors
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