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SEBI issued clarificatory circular on ESG Rating Providers (ERPs) with key procedural modifications, focusing on rating withdrawal, disclosure norms, and governance requirements. The circular introduces differentiated guidelines for subscriber-pays and issuer-pays business models, including specific conditions for rating withdrawal, website disclosure protocols, and relaxed compliance timelines for Category II ERPs. Key changes include allowing rating withdrawal under defined circumstances, modified disclosure requirements for subscriber-pays ERPs, mandatory ESG rating display on stock exchange websites, and extended timelines for internal audit and governance committee establishment for smaller rating providers. The regulatory amendments aim to strengthen transparency, accountability, and operational flexibility for ESG rating entities while maintaining investor protection standards.
SEBI issued clarificatory circular on ESG Rating Providers (ERPs) with key procedural modifications, focusing on rating withdrawal, disclosure norms, and governance requirements. The circular introduces differentiated guidelines for subscriber-pays and issuer-pays business models, including specific conditions for rating withdrawal, website disclosure protocols, and relaxed compliance timelines for Category II ERPs. Key changes include allowing rating withdrawal under defined circumstances, modified disclosure requirements for subscriber-pays ERPs, mandatory ESG rating display on stock exchange websites, and extended timelines for internal audit and governance committee establishment for smaller rating providers. The regulatory amendments aim to strengthen transparency, accountability, and operational flexibility for ESG rating entities while maintaining investor protection standards.
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