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of <h1>ESG Rating Providers Restricted Under Regulation 28V from Rating Connected Issuers to Prevent Conflicts of Interest</h1> Regulation 28V of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, prohibits ESG rating providers from rating issuers or their securities if there is a connection with their promoter or the promoter's subsidiaries or associates. This restriction applies if there are common chairpersons, directors, or employees between the ESG rating provider and the issuer. Additionally, ESG rating providers cannot rate issuers they promote or have overlapping leadership with. Exceptions exist for entities with common independent directors, provided these directors do not participate in rating decisions and proper disclosures are made. Definitions for 'independent director,' 'associate,' and 'promoter' are specified.
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