Why you can trust this course
We don't ask you to take our word for it. Every claim in every lesson is anchored to a Section, Rule, or judgment. This page is the master register of every authority we cite.
Legal basis snapshot: BRSR + ESG primary-source stack current to 29 August 2026. Core: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Regulation 34(2)(f); SEBI Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10 May 2021 (BRSR); SEBI Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023 (BRSR Core, value chain reporting, and reasonable assurance rollout from FY 2023-24 top 150 to FY 2026-27 top 1,000 by market capitalisation); SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025 (Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction of voluntary disclosure on green credits: opened assessment-or-assurance choice for BRSR Core verification from FY 2025-26 with market-cap rollout preserved, reclassified value chain disclosure to voluntary from FY 2025-26 with assessment or assurance voluntary from FY 2026-27, refined value chain scope to partners individually 2 percent or more of purchases and sales by value with aggregated coverage may be limited to 75 percent, introduced voluntary green credits disclosure item, tightened no-conflict-of-interest test for verification providers). Frameworks: National Guidelines on Responsible Business Conduct 2019 (Ministry of Corporate Affairs, March 2019); GHG Protocol Corporate Accounting and Reporting Standard Revised Edition 2004; GHG Protocol Scope 2 Guidance 2015; GHG Protocol Corporate Value Chain (Scope 3) Standard 2011; IFRS S1 and IFRS S2 (ISSB, June 2023, effective 1 January 2024). Verification: ICAI Standard on Sustainability Assurance Engagements SSAE 3410 (assurance pathway); Industry Standards Forum BRSR Core Assessment Standards (assessment pathway, ISF jointly constituted by ASSOCHAM, CII and FICCI under the aegis of the stock exchanges in consultation with SEBI). Environmental Rules: Hazardous and Other Wastes (Management and Transboundary Movement) Rules 2016 as amended; Plastic Waste Management Rules 2016 as amended (including EPR framework); E-Waste (Management) Rules 2022; Bio-Medical Waste Management Rules 2016. Labour: Wages Code 2019 and Occupational Safety, Health and Working Conditions Code 2020 (in force 21 November 2025). Grid emission factors: Central Electricity Authority User Guide for CO2 Baseline Database. Reference BRSR filings for case material: Reliance FY24, TCS FY24, Infosys FY24, HDFC Bank FY24, ITC FY24, L&T FY24 (available on respective Investor Relations pages). Items requiring ongoing verification and flagged inside the relevant lessons: any further SEBI revision Circular after 28 March 2025 affecting BRSR Core rollout, value chain framework, or green credits scope; India adoption timeline for IFRS S1 and S2 (MCA and SEBI signal alignment intent; timing pending); any BRSR format revision Circular issued between 1 January 2026 and course launch date.
How this ESG + BRSR Practitioner Certification register is built
This trust page is the citation register for the ESG + BRSR Practitioner Certification course. It cites 33 authorities across 13 statutory instruments, drawn from the legal basis snapshot above (BRSR + ESG primary-source stack current to 29 August 2026. Core: SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Regulation 34(2)(f); SEBI Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10 May 2021 (BRSR); SEBI Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023 (BRSR Core, value chain reporting, and reasonable assurance rollout from FY 2023-24 top 150 to FY 2026-27 top 1,000 by market capitalisation); SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025 (Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction of voluntary disclosure on green credits: opened assessment-or-assurance choice for BRSR Core verification from FY 2025-26 with market-cap rollout preserved, reclassified value chain disclosure to voluntary from FY 2025-26 with assessment or assurance voluntary from FY 2026-27, refined value chain scope to partners individually 2 percent or more of purchases and sales by value with aggregated coverage may be limited to 75 percent, introduced voluntary green credits disclosure item, tightened no-conflict-of-interest test for verification providers). Frameworks: National Guidelines on Responsible Business Conduct 2019 (Ministry of Corporate Affairs, March 2019); GHG Protocol Corporate Accounting and Reporting Standard Revised Edition 2004; GHG Protocol Scope 2 Guidance 2015; GHG Protocol Corporate Value Chain (Scope 3) Standard 2011; IFRS S1 and IFRS S2 (ISSB, June 2023, effective 1 January 2024). Verification: ICAI Standard on Sustainability Assurance Engagements SSAE 3410 (assurance pathway); Industry Standards Forum BRSR Core Assessment Standards (assessment pathway, ISF jointly constituted by ASSOCHAM, CII and FICCI under the aegis of the stock exchanges in consultation with SEBI). Environmental Rules: Hazardous and Other Wastes (Management and Transboundary Movement) Rules 2016 as amended; Plastic Waste Management Rules 2016 as amended (including EPR framework); E-Waste (Management) Rules 2022; Bio-Medical Waste Management Rules 2016. Labour: Wages Code 2019 and Occupational Safety, Health and Working Conditions Code 2020 (in force 21 November 2025). Grid emission factors: Central Electricity Authority User Guide for CO2 Baseline Database. Reference BRSR filings for case material: Reliance FY24, TCS FY24, Infosys FY24, HDFC Bank FY24, ITC FY24, L&T FY24 (available on respective Investor Relations pages). Items requiring ongoing verification and flagged inside the relevant lessons: any further SEBI revision Circular after 28 March 2025 affecting BRSR Core rollout, value chain framework, or green credits scope; India adoption timeline for IFRS S1 and S2 (MCA and SEBI signal alignment intent; timing pending); any BRSR format revision Circular issued between 1 January 2026 and course launch date.).
Primary sources: Filed BRSR (6 entries), Companies Act 2013 (5 entries), CPCB Environmental Rules (4 entries).
Every claim in every ESG + BRSR Practitioner Certification lesson traces back to a Section, Rule, or judgment listed below.
If a lesson references a specific obligation, click the [Lx-Cy] marker in that
lesson to jump to the verbatim text in the register.
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- Every factual claim has a source. If we say "Section 9 allows a three-month limitation period", you can click the
[Lx-Cy]marker next to it and read the verbatim text of Section 9 of the Sexual Harassment of Women at Workplace Act, 2013. - Every source is on this page. Below you will find every Section, Rule and judgment we have relied on, grouped by category, with the verbatim text we hold in our register.
- Every source has a public link. Wherever an authoritative public link exists (India Code, the official court website, a reputable law-reports portal), we link to it.
- Bug bounty for errors. If you find a factual error in any lesson, write to [email protected] with the lesson, the claim and the corrected source. We will credit your account ₹1,000 for the first report of any verifiable error, ₹5,000 for a substantial error.
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The full citation register
Every authority used in any lesson appears below. Click a row to expand the verbatim text.
CEA CO2 Baseline Database User Guide , India grid emission factors for Scope 2 01 Jun 2024
Plain summary: Central Electricity Authority (CEA) User Guide for CO2 Baseline Database. Provides India-specific grid emission factors (Combined Margin) used for location-based Scope 2 emissions calculation under GHG Protocol.
The CEA CO2 Baseline Database publishes weighted average grid emission factors for the Indian power system (Combined Margin), used by companies to compute location-based Scope 2 emissions from purchased electricity consumption. Updated annually.
Section 101 (Notice of AGM) , AGM notice period 29 Aug 2013
Plain summary: Section 101 of the Companies Act 2013 requires that a general meeting shall be called by giving not less than 21 clear days notice in writing or through electronic mode.
Section 101(1). A general meeting of a company may be called by giving not less than clear twenty-one days' notice either in writing or through electronic mode in such manner as may be prescribed.
Section 134 (Board Report) , Board Report contents 29 Aug 2013
Plain summary: Section 134 of the Companies Act 2013 mandates the Board Report contents, including specific disclosures on conservation of energy, technology absorption, foreign exchange earnings and outgo (Section 134(3)(m) read with Companies (Accounts) Rules 2014 Rule 8), and CSR disclosures under Section 135. Overlaps with BRSR data in the annual report.
Section 134 of the Companies Act 2013 sets out the contents of the Board Report placed before the shareholders at the AGM. Section 134(3)(m) read with Rule 8 of the Companies (Accounts) Rules 2014 requires disclosure of conservation of energy, technology absorption, foreign exchange earnings and outgo. Section 134(5) requires the Directors' Responsibility Statement.
Section 135 (CSR) , Corporate Social Responsibility 29 Aug 2013
Plain summary: Section 135 of the Companies Act 2013 makes CSR mandatory for companies meeting any of the thresholds (net worth ≥ Rs 500 crore, or turnover ≥ Rs 1,000 crore, or net profit ≥ Rs 5 crore). 2 percent of average net profit of preceding three financial years must be spent on Schedule VII activities. CSR spend disclosed in BRSR Principle 8.
Section 135. (1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors. (5) The Board of every company referred to in sub-section (1) shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years.
Section 177 (Audit Committee) , Audit Committee constitution and functions 29 Aug 2013
Plain summary: Section 177 of the Companies Act 2013 requires the Audit Committee of listed and prescribed public companies to review financial statements and related-party transactions. Related to BRSR Principle 1 RPT disclosures.
Section 177 requires every listed public company and every other public company having paid-up capital of ten crore rupees or more, or turnover of one hundred crore rupees or more, or having in aggregate outstanding loans or borrowings or debentures or deposits exceeding fifty crore rupees, to constitute an Audit Committee.
Section 188 (Related Party Transactions) , RPT approvals and disclosures 29 Aug 2013
Plain summary: Section 188 of the Companies Act 2013 read with Rule 15 of Companies (Meetings of Board and its Powers) Rules 2014 governs related-party transactions and their disclosures. Referenced in BRSR Principle 1.
Section 188 of the Companies Act 2013 requires prior consent of the Board and shareholder approval for related-party transactions above the thresholds in Rule 15, and disclosure of RPT in the Board Report.
Plastic Waste Management Rules 2016 (as amended) , Plastic waste EPR framework 18 Mar 2016
Plain summary: Plastic Waste Management Rules 2016 as amended, including the Extended Producer Responsibility (EPR) framework introduced by 2022 amendments. Referenced in BRSR Principle 6 waste and Principle 9 product-lifecycle disclosures.
Plastic Waste Management Rules 2016 (as amended by Plastic Waste Management (Amendment) Rules 2022 and subsequent notifications). Introduces EPR obligations for producers, importers and brand owners of plastic packaging with targets for recycling, reuse and end-of-life disposal.
Bio-Medical Waste Management Rules 2016 , Biomedical waste classification 28 Mar 2016
Plain summary: Bio-Medical Waste Management Rules 2016. Governs biomedical waste generated by healthcare facilities. Referenced in BRSR Principle 6 for healthcare sector filers.
Bio-Medical Waste Management Rules 2016 classify biomedical waste in four categories (yellow, red, white, blue) and mandate segregation, storage, transportation, treatment and disposal.
Hazardous and Other Wastes Rules 2016 , Hazardous waste classification and reporting 04 Apr 2016
Plain summary: Hazardous and Other Wastes (Management and Transboundary Movement) Rules 2016. Classifies hazardous waste, mandates authorisation, and requires manifest-based reporting. Referenced in BRSR Principle 6 waste disclosures.
Hazardous and Other Wastes (Management and Transboundary Movement) Rules 2016 (as amended). Schedule I classifies hazardous waste categories. Rule 6 requires State Pollution Control Board authorisation. Rule 20 requires annual returns in Form 4.
E-Waste (Management) Rules 2022 , E-waste EPR framework 02 Nov 2022
Plain summary: E-Waste (Management) Rules 2022. Introduced updated EPR framework for electrical and electronic equipment producers. Referenced in BRSR Principle 6 waste disclosures.
E-Waste (Management) Rules 2022 replaced the 2016 Rules and introduced a revised EPR regime with online registration of producers, refurbishers, dismantlers and recyclers, and targets for e-waste collection and end-of-life disposal.
DPDP Act 2023 , Data breach reporting overlap with BRSR Principle 9 11 Aug 2023
Plain summary: Digital Personal Data Protection Act 2023. Section 8(6) requires personal data breach notification. Feeds BRSR Principle 9 (customer value) data breach disclosures.
DPDP Act 2023 Section 8(6) requires every Data Fiduciary to notify the Data Protection Board and each affected Data Principal of a personal data breach in the manner prescribed. This creates a direct overlap with BRSR Principle 9 disclosures on data breaches affecting customers.
HDFC Bank FY24 BRSR , HDFC Bank BRSR for FY 2023-24 01 Jun 2024
Plain summary: HDFC Bank Limited BRSR for FY 2023-24. Reference case for banking-sector BRSR with Principle 8 priority-sector lending disclosures.
HDFC Bank BRSR for FY 2023-24, filed as part of the Annual Report.
Infosys FY24 BRSR , Infosys Limited BRSR for FY 2023-24 01 Jun 2024
Plain summary: Infosys Limited BRSR for FY 2023-24, filed as part of the Annual Report. Base case for Module 1 walkthrough. Top 10 listed entity by market cap; BRSR Core reasonable assurance applied.
Infosys Limited BRSR for FY 2023-24, filed with SEBI and BSE/NSE as part of the Annual Report published on the company Investor Relations page.
ITC FY24 BRSR , ITC Limited BRSR for FY 2023-24 01 Jun 2024
Plain summary: ITC Limited BRSR for FY 2023-24. Reference case for FMCG and hospitality diversified BRSR.
ITC Limited BRSR for FY 2023-24, filed as part of the Annual Report.
L&T FY24 BRSR , Larsen and Toubro BRSR for FY 2023-24 01 Jun 2024
Plain summary: Larsen and Toubro Limited BRSR for FY 2023-24. Reference case for EPC and manufacturing BRSR with heavy Principle 3 safety metrics.
Larsen and Toubro Limited BRSR for FY 2023-24, filed as part of the Annual Report.
TCS FY24 BRSR , Tata Consultancy Services BRSR for FY 2023-24 01 Jun 2024
Plain summary: Tata Consultancy Services Limited BRSR for FY 2023-24. Reference case for services-company Scope 3 accounting.
Tata Consultancy Services BRSR for FY 2023-24, filed as part of the Annual Report.
Reliance Industries FY24 BRSR , Reliance Industries BRSR for FY 2023-24 01 Aug 2024
Plain summary: Reliance Industries Limited BRSR for FY 2023-24. Reference case for conglomerate BRSR with heavy Scope 1 (petrochemicals) and diversified Section A products/services table.
Reliance Industries Limited BRSR for FY 2023-24, filed as part of the Annual Report.
Corporate Standard (Revised Edition 2004) , Scope 1, 2, 3 accounting framework 01 Jan 2004
Plain summary: GHG Protocol Corporate Accounting and Reporting Standard, revised 2004. Foundational framework for Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased electricity, steam, heating, cooling), and Scope 3 (other indirect emissions) accounting.
GHG Protocol Corporate Standard, Revised Edition 2004. Direct GHG emissions (Scope 1) are emissions from sources that are owned or controlled by the company. Indirect GHG emissions from consumption of purchased electricity, heat or steam (Scope 2). Other indirect emissions (Scope 3) are a consequence of the activities of the company but occur from sources not owned or controlled by the company.
Corporate Value Chain (Scope 3) Standard 2011 , Fifteen Scope 3 categories 01 Oct 2011
Plain summary: GHG Protocol Corporate Value Chain (Scope 3) Standard, 2011. Defines fifteen Scope 3 categories across upstream (categories 1 to 8) and downstream (categories 9 to 15) emissions.
Scope 3 categories: (1) Purchased goods and services, (2) Capital goods, (3) Fuel- and energy-related activities not included in Scope 1 or 2, (4) Upstream transportation and distribution, (5) Waste generated in operations, (6) Business travel, (7) Employee commuting, (8) Upstream leased assets, (9) Downstream transportation and distribution, (10) Processing of sold products, (11) Use of sold products, (12) End-of-life treatment of sold products, (13) Downstream leased assets, (14) Franchises, (15) Investments.
Scope 2 Guidance (2015) , Location-based and market-based Scope 2 accounting 20 Jan 2015
Plain summary: GHG Protocol Scope 2 Guidance, 2015. Introduces dual reporting requirement: location-based Scope 2 (grid average emission factor) and market-based Scope 2 (contractual instruments including renewable energy certificates, PPAs, and residual mix factor).
GHG Protocol Scope 2 Guidance requires companies to disclose both location-based (reflecting the average emissions intensity of grids on which energy consumption occurs) and market-based (reflecting emissions from electricity that companies have purposefully chosen through contractual instruments) Scope 2 emissions.
SSAE 3410 Sustainability Assurance Engagements , ICAI Standard on GHG and sustainability assurance 01 Dec 2023
Plain summary: ICAI Standard on Sustainability Assurance Engagements 3410 (India-adopted variant of ISAE 3410 Assurance Engagements on Greenhouse Gas Statements from IAASB). Prescribes limited and reasonable assurance engagement approaches for GHG statements and BRSR Core attributes.
ICAI SSAE 3410 sets out the requirements and application material for a practitioner accepting an engagement to provide assurance on an entity's GHG statement or, by extension, on BRSR Core attributes. Limited assurance requires the practitioner to obtain sufficient appropriate evidence to conclude that nothing has come to the practitioner's attention causing the practitioner to believe the statement is materially misstated. Reasonable assurance requires the practitioner to obtain sufficient appropriate evidence to conclude the statement is prepared, in all material respects, in accordance with the applicable criteria.
IFRS S1 General Sustainability Disclosures (June 2023) , General sustainability-related financial disclosures 26 Jun 2023
Plain summary: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. Issued by ISSB in June 2023, effective for annual reporting periods beginning on or after 1 January 2024. India adoption pathway signalled by MCA and SEBI but not yet mandated as of 29 August 2026.
IFRS S1 requires an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, its access to finance or cost of capital over the short, medium or long term.
IFRS S2 Climate-related Disclosures (June 2023) , Climate-specific sustainability disclosures 26 Jun 2023
Plain summary: IFRS S2 Climate-related Disclosures. Issued by ISSB in June 2023, effective for annual reporting periods beginning on or after 1 January 2024. Requires disclosure of Scope 1, 2 and 3 emissions using GHG Protocol methodology, climate-related targets, and scenario analysis.
IFRS S2 requires an entity to disclose information that enables users of general purpose financial reports to understand climate-related risks and opportunities that could reasonably be expected to affect the entity's prospects. Requires disclosure of Scope 1, Scope 2 and Scope 3 GHG emissions in accordance with the Greenhouse Gas Protocol Corporate Standard.
ISF BRSR Core Assessment Standards , ISF assessment standards (alternative to SSAE 3410 assurance) 01 Apr 2025
Plain summary: Industry Standards Forum (ISF) comprises representatives from ASSOCHAM, CII and FICCI, operating under the aegis of the Stock Exchanges (BSE, NSE) in consultation with SEBI. Formulated the BRSR Core Assessment Standards that give listed entities the alternative to ICAI SSAE 3410 assurance introduced by SEBI Circular of 28 March 2025.
Industry Standards Forum (ISF) jointly constituted by ASSOCHAM, CII and FICCI under the aegis of the Stock Exchanges, in consultation with SEBI. Formulated the industry standards for BRSR Core Assessment as the alternative pathway to ICAI SSAE 3410 assurance for BRSR Core verification, pursuant to SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025. Assessment providers must not have any conflict of interest with the listed entity.
Wages Code 2019 , Wages and remuneration definitions 08 Aug 2019
Plain summary: Code on Wages 2019, in force from 21 November 2025 under the Labour Codes framework. Feeds BRSR Principle 3 wages disclosures and Principle 5 wages-to-women ratios.
Code on Wages 2019 consolidated the Payment of Wages Act 1936, Minimum Wages Act 1948, Payment of Bonus Act 1965, and Equal Remuneration Act 1976. Defines wages, minimum wages, floor wages and mandates equal remuneration for men and women workers.
OSH Working Conditions Code 2020 , Occupational safety and health metrics 29 Sep 2020
Plain summary: Occupational Safety, Health and Working Conditions Code 2020, in force from 21 November 2025. Feeds BRSR Principle 3 safety metrics (LTIFR, fatalities, near-misses, safety training).
Occupational Safety, Health and Working Conditions Code 2020 consolidated 13 labour laws including the Factories Act 1948. Chapter III requires occupier registration, safety committees, working hours regulation. Chapter IV mandates health and welfare provisions and accident reporting.
NGRBC 2019 (successor to NVG-SEE 2011) , Nine principles of responsible business conduct 13 Mar 2019
Plain summary: Ministry of Corporate Affairs, March 2019, National Guidelines on Responsible Business Conduct, articulating nine principles that structure BRSR Sections B and C. Successor to the National Voluntary Guidelines (NVG-SEE) issued by MCA in June 2011.
National Guidelines on Responsible Business Conduct, Ministry of Corporate Affairs, March 2019. Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable. Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe. Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains. Principle 4: Businesses should respect the interests of and be responsive towards all their stakeholders. Principle 5: Businesses should respect and promote human rights. Principle 6: Businesses should respect and make efforts to protect and restore the environment. Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent. Principle 8: Businesses should promote inclusive growth and equitable development. Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner.
Regulation 30 (Material events) , Material event disclosure 02 Sep 2015
Plain summary: Material event disclosure obligation. Triggers when a BRSR-tracked event (e.g. major environmental spill, product recall, cyber breach, POSH escalation) crosses the Regulation 30 materiality threshold.
Regulation 30 of SEBI (LODR) Regulations 2015 requires disclosure of every material event or information to the stock exchanges as soon as reasonably possible and not later than the time frames specified. Schedule III specifies the events deemed material and events that require materiality assessment. Environmental incidents, product recalls, cyber breaches and other events tracked under BRSR Principles 6 and 9 may trigger Regulation 30 disclosure.
Regulation 34 , Annual Report contents 02 Sep 2015
Plain summary: Regulation 34 of SEBI LODR Regulations 2015 sets out the annual report contents that a listed entity must send to shareholders and file with the stock exchanges.
Regulation 34, SEBI (LODR) Regulations 2015. (1) The listed entity shall submit to the stock exchange and publish on its website: (a) a copy of the annual report sent to the shareholders along with the notice of the annual general meeting not later than the day of commencement of dispatch to its shareholders. (2) The annual report shall contain the following: ... (f) a business responsibility and sustainability report, describing the initiatives taken by the listed entity from an environmental, social and governance perspective, in the format as specified by the Board from time to time: Provided that the requirement of submitting a business responsibility and sustainability report shall be applicable to the top one thousand listed entities based on market capitalisation.
Regulation 34(2)(f) , BRSR filing obligation 10 May 2021
Plain summary: Sub-clause 2(f) of Regulation 34 is the operative BRSR filing obligation for the top 1,000 listed entities by market capitalisation.
Regulation 34(2)(f), SEBI (LODR) Regulations 2015. The annual report shall contain a business responsibility and sustainability report, describing the initiatives taken by the listed entity from an environmental, social and governance perspective, in the format as specified by the Board from time to time. Provided that the requirement of submitting a business responsibility and sustainability report shall be applicable to the top one thousand listed entities based on market capitalisation.
SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10 May 2021 (BRSR) , BRSR format for top 1,000 listed entities 10 May 2021
Plain summary: Introduced Business Responsibility and Sustainability Reporting for the top 1,000 listed entities by market capitalisation from FY 2022-23. Voluntary for FY 2021-22. Replaced the earlier Business Responsibility Report (BRR).
SEBI Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10 May 2021. Subject: Business Responsibility and Sustainability Reporting by listed entities. The Circular introduces the BRSR format at Annexure, structured across Sections A (General Disclosures), B (Management and Process Disclosures on NGRBC) and C (Principle-wise Performance), replacing the BRR format previously mandated. Applicability: mandatory for the top 1,000 listed entities by market capitalisation from FY 2022-23; voluntary from FY 2021-22.
SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 (BRSR Core 12-Jul-2023) , BRSR Core, value chain reporting, reasonable assurance rollout 12 Jul 2023
Plain summary: Introduced BRSR Core (a subset of BRSR disclosures identified as key ESG attributes requiring reasonable assurance), mandated third-party assurance under a phased rollout by market capitalisation (top 150 for FY 2023-24, top 250 for FY 2024-25, top 500 for FY 2025-26, top 1,000 for FY 2026-27), and introduced value chain reporting for the top 250 listed entities on a comply-or-explain basis from FY 2024-25.
SEBI Circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023. Subject: BRSR Core, Framework for assurance and ESG disclosures for value chain. Identifies 9 key ESG attributes for reasonable assurance at Annexure I; mandates rollout by market capitalisation (top 150 FY 2023-24, top 250 FY 2024-25, top 500 FY 2025-26, top 1,000 FY 2026-27); introduces value chain reporting for the top 250 listed entities on a comply-or-explain basis from FY 2024-25 with assurance from FY 2025-26. NOTE: SUPERSEDED IN PART by SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025 (Assessment-or-Assurance choice; value chain now voluntary). Read the 2025 Circular alongside the 2023 Circular.
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 (28-Mar-2025) , Revised BRSR Core — Assessment or Assurance + voluntary value chain + green credits 28 Mar 2025
Plain summary: SEBI Revised BRSR Core Circular of 28 March 2025 (Circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42). Recalibrated three things: (1) BRSR Core verification is now a choice between third-party ASSESSMENT (per standards developed by the Industry Standards Forum comprising ASSOCHAM, CII, FICCI under the aegis of the Stock Exchanges, in consultation with SEBI) OR third-party ASSURANCE (per ICAI SSAE 3410) — earlier only reasonable assurance was mandated; (2) value chain disclosures moved from comply-or-explain to VOLUNTARY from FY 2025-26 for the top 250 listed entities, with value chain scope refined to top upstream and downstream partners individually comprising 2 percent or more of purchases and sales by value, may be limited to 75 percent aggregate coverage; (3) voluntary green credits disclosure introduced. Assessment or assurance provider must not have any conflict of interest with the listed entity.
SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025. Subject: Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction of voluntary disclosure on green credits. Introduces (a) BRSR Core Assessment as an alternative to Assurance, to be undertaken per standards developed by the Industry Standards Forum (ISF) in consultation with SEBI, subject to no-conflict-of-interest with the listed entity; (b) revises value chain framework: ESG disclosures for value chain applicable to top 250 listed entities by market capitalisation on a VOLUNTARY basis from FY 2025-26 (moved from comply-or-explain), with assessment or assurance of value chain disclosures also VOLUNTARY from FY 2026-27; value chain scope defined as top upstream + downstream partners individually comprising 2 percent or more of purchases and sales by value, may limit to 75 percent aggregate; (c) introduces voluntary green credits disclosure. BRSR Core rollout by market capitalisation (top 150 FY 2023-24, top 250 FY 2024-25, top 500 FY 2025-26, top 1,000 FY 2026-27) is preserved but from FY 2025-26 onwards the listed entity may choose Assessment (per ISF standards) instead of Assurance (per SSAE 3410).
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