Securities and Exchange Board of India (SEBI)

SEBI was set up in 1988 and given statutory powers under the SEBI Act, 1992. It regulates stock exchanges, listed companies, mutual funds, intermediaries and debt markets.

SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations set board rules, related-party transaction approvals and the BRSR, which the top 1,000 listed companies must file. It also sets the BRSR Core assurance glide path, registers ESG rating providers, sets rules for ESG mutual funds, green and ESG debt securities and their independent reviewers, the stewardship code for mutual funds and AIFs, and the Social Stock Exchange framework.

Most of the ESG data an Indian investor uses exists because SEBI requires it. Watch SEBI circulars and board meeting decisions for changes to BRSR, RPT thresholds, ESG ratings and fund rules, and its orders for enforcement against listed companies.