**Summary:**
This circular, reference number SEBI/HOC/CFD/PoD1/CIR/2024/177, dated December 20, 2024, issued by the Securities and Exchange Board of India (SEBI), addresses the implementation of industry standards for reporting the Business Responsibility and Sustainability Report (BRSR) Core. It is directed to all listed entities, recognized stock exchanges, and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Confederation of Indian Industry (CII).
The circular mandates the adoption of industry standards formulated by the Industry Standards Forum (ISF), which comprises representatives from ASSOCHAM, CII, and FICCI, under the guidance of the Stock Exchanges and in consultation with SEBI. These standards are designed to standardize the implementation of BRSR Core disclosures, as required under Regulation 34(2)(f) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (LODR Regulations), read with Chapter IVB of SEBI master circular SEBI/HOC/CFD/PoD2/CIR/P/0155, dated November 11, 2024.
ASSOCHAM, FICCI, CII, and the stock exchanges are required to publish these industry standards on their respective websites. Listed entities must adhere to these standards to ensure compliance with SEBI's BRSR Core disclosure requirements. This circular is effective for the financial year 2024-25 and onwards. Stock Exchanges are instructed to inform their listed entities about the circular's contents and ensure compliance.
The circular is issued under the authority of Sections 11(1) and 11A of the Securities and Exchange Board of India Act, 1992, and Regulation 101 of the LODR Regulations. The complete circular is available on the SEBI website (www.sebi.gov.in) under the "Legal Circulars" category. For further information, contact Vimal Bhatter, Deputy General Manager, Corporation Finance Department, at +91 22 2644 9386 or via email at vimalb@sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India SEBI: The regulatory body that issued the circular regarding Industry Standards on Reporting of BRSR Core.
Business Responsibility and Sustainability Report BRSR Core: A reporting standard for listed entities to disclose their performance on environmental, social, and governance ESG parameters.
SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 LODR Regulations: Regulations prescribed by SEBI for listed entities regarding their obligations and disclosures.
Associated Chambers of Commerce and Industry of India ASSOCHAM: One of the industry associations that is part of the Industry Standards Forum ISF.
Federation of Indian Chambers of Commerce and Industry FICCI: One of the industry associations that is part of the Industry Standards Forum ISF.
Confederation of Indian Industry CII: One of the industry associations that is part of the Industry Standards Forum ISF.
Industry Standards Forum ISF: A forum comprising representatives from industry associations that formulated industry standards for BRSR Core reporting.
Securities and Exchange Board of India Act, 1992: The act under which SEBI derives its powers to issue circulars and regulations.
CIRCULAR
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 December 20, 2024
To,
All listed entities
All the recognized Stock Exchanges
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
Federation of Indian Chambers of Commerce and Industry (FICCI)
Confederation of Indian Industry (CII)
Dear Sir/Madam,
Sub: Industry Standards on Reporting of BRSR Core
1. In order to facilitate ease of doing business and to bring about standardization
in implementation, the Industry Standards Forum (“ISF”) comprising of
representatives from three industry associations, viz. ASSOCHAM, CII and
FICCI, under the aegis of the Stock Exchanges, has formulated industry
standards, in consultation with SEBI, for effective implementation of the
requirement to disclose Business Responsibility and Sustainability Report
(BRSR) Core under Regulation 34(2)(f) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) read with
Chapter IV-B of SEBI master circular for compliance with the provisions of the
LODR regulations by listed entities, issued vide SEBI/HO/CFD/PoD2
/CIR/P/0155 and dated November 11, 2024.
2. The industry associations which are part of ISF (ASSOCHAM, FICCI, and CII)
and the stock exchanges shall publish the aforesaid industry standards on their
websites.
3. The listed entities shall follow the above industry standards to ensure
compliance with SEBI requirements on disclosure of BRSR Core.
4. This circular shall be applicable for FY 2024-25 and onwards.
5. The Stock Exchanges are advised to bring the contents of this circular to the
notice of their listed entities and ensure its compliance.
Page 1 of 26. This circular is issued in exercise of the powers conferred under Section 11(1)
and 11A of the Securities and Exchange Board of India Act, 1992 read with
regulation 101 of LODR Regulations.
7. This circular is available on SEBI website at www.sebi.gov.in under the
category: ‘Legal → Circulars’.
Yours faithfully,
Vimal Bhatter
Deputy General Manager
Corporation Finance Department
Tel. No.: +91 22 2644 9386
Email id: vimalb@sebi.gov.in
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