Subscriber-pays model
ESG & GovernanceA business model in which investors and other subscribers, not the rated company, pay for ESG ratings.
Subscriber-pays ratings have fewer conflicts of interest and rely on public information, but the full reports are limited to subscribers. SEBI still requires basic details (company, sector, rating, date and the BRSR used) to be public. Companies can be rated without asking, and some report these unsolicited ratings to the stock exchanges.
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