The Securities and Exchange Board of India (Sebi) is looking at consolidated and sector-specific disclosures as part of its move to evolve further the Business Responsibility and Sustainability Reporting (BRSR) framework.

Amarjeet Singh, Sebi whole-time member, said that the regulator has received feedback from its ESG Advisory Committee that the availability of consolidated instead of standalone data, and sector-specific disclosures would further enhance decision-usefulness.

“Implementation of a common taxonomy would further enhance comparability, an area where work is ongoing. Our approach has been first to let this culture of making sustainability disclosure set in. Corporates should feel comfortable. We have to proceed in a calibrated, gradual manner that should not unduly enhance the cost of compliance,” said Singh.

Why consolidated sustainability disclosures?

Consolidated sustainability disclosures are important, so as to align the reporting boundaries for financial and non-financial reporting and enable investors to get a complete picture of long-term enterprise value.

“At the same time, we must recognise that issues of data. But we also heard clearly from the market: this is genuinely hard. Companies depend on hundreds of suppliers for data, many of whom are still building their own systems. Value chain disclosures are now voluntary rather than comply-or-explain, timelines were extended, and the scope was narrowed to partners accounting for 2% or more of purchases or sales. The goal is progress, not perfection on day one,” he explained.

Sebi has implemented a comprehensive framework for ESG debt securities, including green, social, and sustainability-linked bonds. The objective is to provide credible and well-defined channels through which capital can be directed towards sustainable outcomes.

“Regulation of ESG service providers is another area of work. A growing set of investors relies on ESG ratings as an input into their investment decisions. We regulate ESG rating providers, so the ratings investors rely on are credible and conflict-free,” he added.

Published on: Jun 10, 2026 1:25 PM IST