India ESG rulebook

    Timeline of ESG regulation in India, 2009 to today

    The main steps in India's ESG rulebook, from the Satyam fraud in 2009 to the labour codes, data protection rules and carbon market targets of 2025 and 2026, with the dates still ahead.

    India's ESG rules grew in three waves: governance reforms after corporate scandals, a decade of voluntary and then mandatory sustainability reporting, and, since 2023, a wave of climate, finance and social rules with real costs attached.

    2009 to 2018: governance and voluntary reporting

    DateEventBody
    January 2009Satyam's founder admits to a large accounting fraud, triggering governance reformsSEBI, MCA
    July 2011National Voluntary Guidelines on the social, environmental and economic responsibilities of businessMCA
    2012Business Responsibility Report (BRR) required for the top 100 listed companiesSEBI
    2013Companies Act, 2013 enacted, with mandatory CSR under Section 135 from April 2014Parliament, MCA
    2015LODR Regulations replace the old listing agreement; BRR extended to the top 500SEBI
    December 2015Paris Agreement adopted; India had submitted its first NDC in October 2015UNFCCC
    May 2017First disclosure rules for green debt securitiesSEBI
    2017 and 2018Stewardship codes for insurers (IRDAI, 2017) and pension funds (PFRDA, 2018)IRDAI, PFRDA
    October 2018National Financial Reporting Authority set upMCA

    2019 to 2022: from BRR to BRSR

    DateEventBody
    March 2019National Guidelines on Responsible Business Conduct (NGRBC) replace the 2011 guidelinesMCA
    December 2019Stewardship code for mutual funds and AIFs; BRR extended to the top 1,000 from FY 2019-20SEBI
    May 2021BRSR introduced, voluntary for FY 2021-22SEBI
    August 2022India updates its NDCGovernment of India
    September 2022Social Stock Exchange framework notifiedSEBI
    November 2022Sovereign Green Bond Framework publishedMinistry of Finance
    December 2022Energy Conservation (Amendment) Act, 2022 enables a carbon marketParliament
    FY 2022-23BRSR mandatory for the top 1,000 listed companiesSEBI

    2023 to 2024: assurance, finance and carbon

    DateEventBody
    January and February 2023First sovereign green bonds, ₹16,000 croreRBI, Ministry of Finance
    February 2023Revised green debt framework with blue, yellow and transition bonds; greenwashing do's and don'tsSEBI
    April 2023Framework for green depositsRBI
    May 2023Extra disclosure rules for transition bondsSEBI
    June 2023Carbon Credit Trading Scheme notifiedMinistry of Power
    July 2023BRSR Core with assurance glide path; registration of ESG rating providers; new ESG mutual fund categoriesSEBI
    August 2023Digital Personal Data Protection Act passedParliament
    October 2023Green Credit Rules notifiedMoEFCC
    February 2024Draft climate-related financial disclosure frameworkRBI
    October 2024Greenwashing guidelines for consumer advertisingCCPA
    December 2024Green Steel Taxonomy launchedMinistry of Steel

    2025 to 2026: rules with costs attached

    DateEventBody
    March 2025BRSR Core assessment option, voluntary value chain disclosures, green credit disclosuresSEBI
    May 2025Draft Climate Finance Taxonomy releasedMinistry of Finance
    June 2025Framework for social, sustainability and sustainability-linked bonds; battery storage viability gap fundingSEBI; Ministry of Power
    July 2025Revised sulphur dioxide rules for thermal power; ESG rating provider master circularMoEFCC; SEBI
    September 2025Revised renewable consumption obligationMinistry of Power
    October 2025CCTS final targets for aluminium, cement, chlor-alkali, and pulp and paperMinistry of Power
    November 2025DPDP Rules (14 November); new RPT thresholds (18 November); labour codes in force (21 November); RBI climate finance Directions (28 November)MeitY; SEBI; Ministry of Labour; RBI
    January 2026CCTS targets for refining, petrochemicals, textiles and secondary aluminium; SSE master circular; EU CBAM charges begin for importsMinistry of Power; SEBI; EU
    February 2026Revised rules for independent reviewers of green debtSEBI
    March 2026EU Omnibus I narrows CSRD and CSDDDEU
    April 2026SSE changes on minimum subscription and registration validitySEBI
    May 2026CSR spending allowed through Social Stock Exchange instruments, up to 10%MCA
    June 2026Revised draft CCTS targets for iron and steelMinistry of Power
    September 2026CAFE III fuel efficiency norms notifiedMinistry of Power

    Dates ahead

    DateEvent
    October 2026 onwardsFirst trades in Carbon Credit Certificates expected
    FY 2026-27BRSR Core assessment or assurance for the top 1,000 listed companies; proposed start of steel CCTS compliance
    February 2027EU begins selling CBAM certificates
    1 April 2027ICAI's SSA 5000 sustainability assurance standard takes effect; CAFE III begins
    May 2027Core DPDP duties apply after the 18-month phase-in
    26 July 2029EU CSDDD applies to the largest companies

    Sources

    Last reviewed: October 2026