**Executive Summary**
On 19 May 2026, the National Institute of Securities Markets (NISM) and the Indian Institute of Corporate Affairs (IICA) signed a Memorandum of Understanding (MoU) to advance Corporate Governance, ESG, and Capital Markets in India. This long-term strategic partnership aims to foster knowledge exchange, research, and policy support through joint capacity-building programs and certification courses. The collaboration focuses on strengthening sustainability disclosures and enabling MSME access to capital markets to build a well-governed, knowledge-driven financial ecosystem.
**Key Points / Main Content**
**Educational and Capacity Building Initiatives**
* Joint design and delivery of capacity-building programmes, certification courses, and executive education modules.
* Targeted training programmes for SEBI officers and officials from other regulatory and financial sector institutions.
* Implementation of faculty exchange programmes and collaborative curriculum design.
**Research and Policy Development**
* Conducting evidence-based research and policy studies in emerging regulatory domains.
* Dissemination of best practices and publication of joint research findings.
* Organization of flagship conferences to foster institutional cooperation.
**Strategic Focus Areas**
* **Corporate Governance & ESG:** Enhancing board governance, responsible investing, and sustainable finance.
* **Regulatory Frameworks:** Strengthening sustainability disclosures and Business Responsibility and Sustainability Reporting (BRSR).
* **Market Integrity & Access:** Facilitating MSME access to capital markets and maintaining market integrity.
* **Technical Disciplines:** Addressing specialized areas such as insolvency, valuation, investor education, and securities market regulation.
**Impact Analysis**
**NISM and IICA**
**Impact**
These institutions enter a long-term strategic collaboration to combine expertise in financial and corporate regulation.
**Action Required**
They must jointly design curricula, organize conferences, and execute training modules as outlined in the MoU.
**SEBI and Financial Sector Officials**
**Impact**
Officers will receive specialized training and executive education to enhance their regulatory and professional capabilities.
**Action Required**
Relevant officials are required to participate in the capacity-building and certification programmes delivered by the partnering institutions.
**MSMEs**
**Impact**
The partnership aims to create a performance-driven ecosystem that specifically enables easier access to capital markets for smaller enterprises.
**Action Required**
MSMEs should align with the emerging regulatory frameworks and sustainability disclosure standards developed through this partnership.
**Corporate Sector and Regulatory Bodies**
**Impact**
Stakeholders will benefit from strengthened sustainability reporting (BRSR), improved board governance, and a more robust evidence-based regulatory environment.
**Action Required**
These entities must adopt the best practices and sustainability standards resulting from the joint research and policy studies.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The capital markets regulator and founder of NISM, responsible for overseeing the MoU's goals regarding corporate governance and MSME access to capital markets.
National Institute of Securities Markets (NISM): A capacity-building institution established by SEBI and a lead signatory of the MoU focused on delivering certification and training for the financial sector.
Indian Institute of Corporate Affairs (IICA): An institution under the Ministry of Corporate Affairs and a lead signatory of the MoU, specializing in corporate governance, ESG, and responsible business conduct.
Business Responsibility and Sustainability Reporting (BRSR): The specific regulatory reporting framework identified as a core area for institutional cooperation, research, and policy support under the MoU.
Ministry of Corporate Affairs: The primary central ministry responsible for corporate regulation and under whose jurisdiction the IICA operates.
Ministry of Corporate Affairs
SEBI, NISM and IICA sign MoU to Advance
Corporate Governance, ESG and Capital Markets
Partnership aims to foster knowledge exchange, research,
policy support and cooperation across key areas of financial
and corporate regulation
Posted On: 21 MAY 2026 1:54PM by PIB Delhi
The National Institute of Securities Markets (NISM), established by the Securities and Exchange Board of
India (SEBI), and Indian Institute of Corporate Affairs (IICA), under Ministry of Corporate Affairs, have
signed a Memorandum of Understanding (MoU) to advance Corporate Governance, ESG and Capital
Markets in the country.
The two institutions will jointly design and deliver capacity building programmes, certification courses,
executive education modules, and training programmes including for SEBI officers and officials of other
regulatory and financial sector institutions.
The MoU was signed in Mumbai, on 19 May 2026, and signing ceremony was graced by Chairman, SEBI,
Shri Tuhin Kanta Pandey.
The SEBI Chairman underscored the importance of building a performance-driven corporate governance
ecosystem, is to enable MSME access to capital markets, strengthening sustainability disclosures, and
fostering evidence-based research in emerging regulatory domains.The collaboration has been envisaged by Shri Gyaneshwar Kumar Singh, Director General & CEO,
IICA, who has been instrumental in IICA's strategic initiatives across corporate governance, ESG,
responsible business conduct, aligning them with national development agenda.
The MoU signing ceremony also witnessed the presence of Director NISM Shri Sashi Krishnan, and was
signed by Ms. Yogita Jadhav, Registrar, NISM, on behalf of NISM, and by Dr. Garima Dadhich, Head,
School of Business Environment, IICA, on behalf of IICA.
This MoU establishes a long-term strategic collaboration between the two institutions for strengthening
knowledge exchange, capacity building, research, policy support, and institutional cooperation in areas
like securities markets, sustainability and ESG reporting, Business Responsibility and Sustainability
Reporting (BRSR).
Besides, areas like insolvency, investor education, valuation, responsible investing, sustainable finance,
board governance, market integrity, MSME and emerging regulatory frameworks will also be addressed
by the two institutions.
Both institutions will collaborate on research, policy studies, curriculum design, and dissemination of best
practices. The partnership also envisages joint organisation of flagship conferences, faculty exchange,
publications etc.
The collaboration marks a significant step towards building a well-governed, inclusive, and knowledge-
driven ecosystem for India's securities markets and corporate sector.
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