Subscriber pays ESG rating: require public information ratings and prohibit fee or conflict distortions by subscribing entities. Regulation 28KA requires subscriber pays ESG rating providers to base ratings solely on publicly available information, charge the lowest fee among subscribers when the rated entity or its group/associate subscribes, permit subscription only by group companies or associates whose core business requires the rating and who are regulated by financial sector regulators, and ensure no conflict of interest or potential misuse arises; 'associate' follows the Companies Act, 2013 definition.