sebi:SEBI/HO/DDHS/DDHS-POD-2/P/CIR/2025/100
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 12A
- s. 12
- s. 154
- s. 230
Regulations
- Reg. 16(1)
- Reg. 23
- Reg. 20
- Reg. 31
- Reg. 28H
- Reg. 2(1)(p)
- Reg. 28S
- Reg. 28H(c)
- Reg. 33B
- Reg. 28L(g)
- Reg. 28M
- Reg. 28K
- Reg. 22S
Holding
This Master Circular rescinds the prior circulars listed in the Appendix and consolidates the registration, rating operations, disclosure, audit and miscellaneous requirements for ESG Rating Providers. It comes into force with immediate effect from notification, with prior actions deemed done under corresponding provisions.
Full text
V. Notwithstanding such rescission- a. anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
Regulations and this master circular issued thereunder. IX. This Circular is being issued with the approval of Competent Authority.
Page 4 of 68 Table of Contents Chapter I : Registration, Approval and Surrender Requirements .................................... 6 Registration Mechanism for ESG Rating Providers .............................................................................. 6 Grant of Prior approval for change in control of ERPs ......................................................................... 7 Transfer of business by SEBI registered intermediaries to other legal entity ...................................... 9 Guidelines on Suspension, Cancellation or Surrender of Certificate of Registration: ....................... 10 Chapter II : Rating Operations ........................................................................................... 14 Type of ESG Ratings / Scores .............................................................................................................. 14 Rating Scale ........................................................................................................................................ 17 Other Activities by ESG Rating Providers ........................................................................................... 17 Business Model .................................................................................................................................. 18 Rating Process .................................................................................................................................... 19 Monitoring and Review
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Source: SecMarx — sebi:SEBI/HO/DDHS/DDHS-POD-2/P/CIR/2025/100. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.