Independent third-party reviewer or certifier
ESG & GovernanceAn external firm that SEBI requires issuers of listed green and ESG debt securities to appoint to confirm that the bond meets the label's rules.
For green debt, the reviewer checks project selection and eligible categories before issue and can verify tracking, use of proceeds and impact reporting afterwards. Under SEBI's 27 February 2026 circular, the reviewer must be independent of the issuer, its directors, senior management and key managerial personnel, must be paid in a way that avoids conflicts of interest, and must have expertise in ESG debt. Its details and the scope of its review must be in the offer document.
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