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India Issues Value Chain ESG Disclosures Regulatory Framework

The Securities and Exchange Board of India (SEBI) has set out a new regulatory framework that will require listed companies to make ESG disclosures covering firms in their value chain. The new framework builds on the Business Responsibility and Sustainability Report (BRSR) requirements introduced in May 2021, and will be known as ‘BRSR Core’. The framework is comprised of a set of KPIs and metrics under nine ESG attributes, through which large, listed companies will have to make disclosures and obtain assurance for their value chain. SEBI said that from financial year 2023-24, the top 150 listed companies by market cap would have to subject their ‘BRSR Core’ disclosures to “reasonable assurance”, the top 250 in financial year 2024-25, and top 500 in 2025-26. Disclosures for the value chain will be made by the listed company as per BRSR Core as part of its annual report. The value chain would encompass the top upstream and downstream partners of a listed entity, cumulatively comprising 75% of its purchases or sales by value respectively. SEBI also said that the board of the listed entity shall ensure that the assurance provider of the BRSR Core has the necessary expertise for undertaking reasonable assurance, and that there are no conflicts of interest. 

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