Enabling ESG Rating Providers (ERPs) to undertake ESG rating activities under IFSCA

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....ESG rating activities under IFSCA 1. In terms of Regulation 28E(d) of SEBI (Credit Rating Agencies) Regulations, 1999 ('CRA Regulations'), Para 7.1 of the Master Circular for ERPs dated May 16, 2024 provides that ERPs may undertake or offer ESG rating of any product or issuer, as may be required by another financial sector regulator or authority, under the guidelines of such regulator or author....

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....all be responsible for dealing with complaints, enforcement actions and furnishing information to third parties, including statutory or judicial bodies, in respect to the services provided by the ERPs in the IFSC. 3. The circular shall be applicable with immediate effect. 4. This circular is issued with the approval of competent authority, in exercise of the powers conferred by Section 11 (1....