TaxTMI 
TaxTMI 
Review of Chapter IX – Green Debt Securities of the Operational Circular for issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts (SR), Municipal Debt Securities and Commercial Paper (CP) dated August 10, 2021 (hereinafter referred to as the ‘NCS Operational Circular’), as amended from time to time
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....HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (updated as on April 13, 2022) specifies the following with reference to issuers of green debt securities: (a) Additional disclosure requirements in the offer document; (b) Continuous disclosure requirements in annual report and financial results; and (c) Responsibilities of the issuer 2. In the backdrop of increasing interest in sustainable finance in India as well as around the globe, and with a view to align the extant framework for green debt securities with the updated Green Bond Principles (GBP) recognised by IOSCO, SEBI undertook a review of the regulatory framework for green debt securities. 3. Accordingly, the Chapter IX of the NCS Operational Circular shall be replaced with the following: " Initial disclosure requirements for issue and listing of green debt securities 1. An issuer desirous of issuing green debt securities shall make the following additional disclosures in the offer document for public issues / private placements: 1.1 A statement on environmental sustainability objectives of the issue of green debt securities; 1.2 Brief details of decision-making process followed/proposed for determ....
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....entity is not able to achieve full compliance with the provisions till such time, the issuer shall in its annual report, explain the reasons for such non-compliance/ partial compliance and the steps initiated to achieve full compliance Continuous disclosure requirements for listed green debt securities: 2. An issuer who has listed green debt securities, shall provide following additional disclosures along with its annual report and financial results: 2.1 Utilisation of the proceeds of the issue, as per the tracking done by the issuer using the internal process as disclosed in offer document. Utilisation of the proceeds shall be verified by the report of an external auditor, to verify the internal tracking method and the allocation of funds towards the project(s) and/or asset(s), from the proceeds of green debt securities. 2.2 Details of unutilized proceeds including the temporary placement/utilization of unallocated and unutilized proceeds from each ISIN of green debt security issued by the issuer. 2.3 The following additional disclosures shall be made in the Annual Report: a) List of project(s) and/or asset(s) to which proceeds of the Green Debt Securities have b....
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....ject(s) and/or asset(s) meet the eligibility requirements; 4.2 Ensure that all project(s) and/or asset(s) funded by the proceeds of green debt securities, meet the documented objectives of green debt securities; 4.3 Utilise the proceeds only for the stated purpose, as disclosed in the offer document; and 4.4 Ensure compliance with the SEBI circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/020 dated February 03, 2023 on "Dos and don'ts relating to green debt securities to avoid occurrences of greenwashing" 4. The provisions of this circular shall come into force for all issues of green debt securities launched on or after April 1, 2023. 5. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market. 6. This Circular is available at www.sebi.gov.in under the link "Legal→Circulars". Yours faithfully, Pradeep Ramakrishnan General Manager Department of D....
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....valuation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. 4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation. 5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format: Parameter Please specify unit FY _____ (Current Financial Year) FY ______ (Previous Financial Year) NOx Sox Particulate matter (PM) Persistent organic pollutants (POP) Volatile organic compounds (VOC) Hazardous air pollutants (HAP) Others - please specify Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. 6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format: Parameter Unit FY _____ ....
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....sp; Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. 9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes. 10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format: S. No. Location of operations/offices Type of operations Whether the conditions of environmental approval / clearance are being complied with? (Y/N) If no, the reasons thereof and corrective action taken, if any. 11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year: N....
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....bsp;Financial Year) Water discharge by destination and level of treatment (in kilolitres) (i) To Surface water - No treatment - With treatment - please specify level of treatment (ii) To Groundwater - No treatment - With treatment - please specify level of treatment (iii) To Seawater - No treatment - With treatment - please specify level of treatment (iv) Sent to third-parties - No treatment - With treatment - please specify level of treatment (v) Others - No treatmen....
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.... specify level of treatment (v) Others - No treatment - With treatment - please specify level of treatment Total water discharged (in kilolitres) Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. 4. Please provide details of total Scope 3 emissions & its intensity, in the following format: Parameter Unit FY _____ (Current Financial Year) FY ______ (Previous Financial Year) Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) Metric tonnes of CO2 equivalent Total Scope 3 emissions per rupee of turnover Total Scope 3 emission intensity (optional) - the relevant metric may be selected by the entity Note: Indicate if any independent assessment/ evaluation/assurance h....