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Revised Norms for appointment of an independent third-party reviewer/ certifier for green debt security

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....hanges, Recognized Depositories, All Registered Merchant Bankers, All Registered Debenture Trustees, All Registered Credit Rating Agencies and All Registered ESG Ratings Providers Madam/ Sir, Subject: Revised Norms for appointment of an independent third-party reviewer/ certifier for green debt security 1. During February 2023, SEBI undertook a review of the regulatory fram....

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....NCS Master Circular specifies requirements regarding appointment of a third-party reviewer/ certifier in respect of the initial and continuous disclosure requirements for green debt securities. (Paragraph 1.8 and 3 of Chapter IX) 3. SEBI, vide amendment notification dated December 11, 2024, expanded the scope of sustainable finance in Indian securities market to include "social bonds, sustainab....

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....cordingly, the following modifications are hereby made in chapter IX of the NCS Master Circular: 6.1. Paragraph 1.8 of Chapter IX of the NCS Master Circular stands deleted. 6.2. Insertion of following paragraph as "paragraph 5" in Chapter IX of the NCS Master Circular: 5. Independent third-party reviewer/ certifier: 5.1 The issuer shall appoint an independent third-party reviewer/ cert....

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....t third-party reviewer/ certifier shall be specified in the offer document. 5.3 The independent third-party review may take one or more of the following forms recommended by International Capital Market Association [ https://www.icmagroup.org/assets/documents/Sustainable-finance/2022-updates/External-Review-Guidelines_June-2022-280622.pdf ]: a) Second Party Opinion; b) Verific....

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