Standard ASR evaluation metrics like Word Error Rate (WER) tend to unfairly penalize morphological and syntactic nuances that do not significantly alter sentence semantics. We introduce an LLM-based scoring rubric LASER that leverages state-of-the-art LLMs' in-context learning abilities to learn from prompts with detailed examples. Hindi LASER scores using Gemini 2.5 Pro achieved a very high correlation score of 94% with human annotations. Hindi examples in the prompt were also effective in analyzing errors in other Indian languages such as Marathi, Kannada and Malayalam. We also demonstrate how a smaller LLM like Llama 3 can be finetuned on word-pair examples derived from reference and ASR predictions to predict what kind of penalty should be applied with close to 89% accuracy.