The Securities and Exchange Board of India (SEBI) has established a Working Group to review the regulatory framework governing ESG Rating Providers (ERPs). This decision was based on feedback from market participants and stakeholders. The Working Group includes representatives from Issuers, Investors, ESG Rating Users, Domestic ERPs, Global ERPs, ESG Analysts, Legal Experts, and Academia. The Terms of Reference include reviewing the regulatory framework governing ERPs, examining representations and suggestions from market participants, recommending measures to enhance transparency, reliability, and investor confidence in ESG ratings, and evaluating international regulatory developments in the ESG rating space. The Working Group will submit its report to SEBI with recommendations on policy and regulatory changes. This press release was issued in Mumbai on February 18, 2026, with press release number PR No.13/2026. SEBI can be contacted at their Communications Division located at SEBI Bhavan, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, via telephone at +91-22-26449000, via email at press@sebi.gov.in, or via their website at www.sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The primary regulator that constituted a working group to review the regulatory framework governing ESG Rating Providers.
Working Group: A group constituted by SEBI to review the regulatory framework governing ESG Rating Providers (ERPs) and provide recommendations.
ESG Rating Providers (ERPs): Entities providing ESG ratings, the regulatory framework for which is being reviewed by the Working Group.
Mumbai: Location where SEBI is headquartered.
PR No.13/2026
SEBI Constitutes Working Group to Review ESG Rating Providers (ERPs)
Regulatory Framework
The Securities and Exchange Board of India (SEBI) has constituted a Working Group
to undertake a review of the regulatory framework governing ESG Rating Providers
(ERPs). The decision has been taken based on feedback received from market
participants and stakeholders regarding the existing regulatory framework.
The Working Group comprises representatives from Issuers, Investors / ESG Rating
Users, Domestic ERPs, Global ERPs, ESG Analysts, Legal Experts and Academia.
The Working Group has the following Terms of Reference:
• To undertake a comprehensive review of the existing regulatory framework
governing ERPs.
• To examine representations and suggestions received from market
participants.
• To recommend measures to enhance transparency, reliability and investor
confidence in ESG ratings.
• To evaluate international regulatory developments in the ESG rating space and
identify areas for alignment with global best practices, while considering the
Indian market context.
The Working Group will submit its report to SEBI with findings and recommendations
on policy and regulatory changes required in the ERP framework.
Mumbai
February 18, 2026
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