In 2021, SEBI asked the top 1,000 listed companies to file a Business Responsibility and Sustainability Report on a voluntary basis. Under this, firms were required to make disclosures on about 800 parameters related to ESG factors.
In March this year, SEBI revamped the framework. The regulator identified 49 key indicators that will have to be disclosed and independently audited.
SEBI says the change was made after the industry expressed concern about reporting on the nearly 800 data points.
Will SEBI’s ambitious push for disclosures help Indian businesses and investors achieve ESG goals? SEBI is trying to address the norms by standardizing disclosures. But is the Indian market ready for a regulatory overhaul?