ESG rating regulation: SEBI issues a consolidated Master Circular tightening registration, governance, disclosures, and conflict controls for ERPs. SEBI's Master Circular consolidates obligations for ESG Rating Providers: online registration procedures, prior SEBI approval and documentation requirements for change in control, rules for transfer/surrender/suspension/cancellation with client migration and record retention obligations; definition of required ESG products and a 0-100 rating scale; mandatory adoption of either subscriber pays or issuer pays models (no hybrid), issuer pays contract and non cooperation rules; governance, internal audit and conflict of interest safeguards; and extensive periodic and continuous disclosure, transition rate and IOSCO compliance reporting requirements.
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ESG rating regulation: SEBI issues a consolidated Master Circular tightening registration, governance, disclosures, and conflict controls for ERPs.
SEBI's Master Circular consolidates obligations for ESG Rating Providers: online registration procedures, prior SEBI approval and documentation requirements for change in control, rules for transfer/surrender/suspension/cancellation with client migration and record retention obligations; definition of required ESG products and a 0-100 rating scale; mandatory adoption of either subscriber pays or issuer pays models (no hybrid), issuer pays contract and non cooperation rules; governance, internal audit and conflict of interest safeguards; and extensive periodic and continuous disclosure, transition rate and IOSCO compliance reporting requirements.
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