SEBI, through two key circulars, laid the foundation for the implementation of a system-driven disclosure framework for Credit Ratings and ESG Ratings.

(A) SEBI Circular SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024 – Issued for implementing recommendations of the Expert Committee to facilitate ease of doing business for listed entities. One requirement related to Regulation 30(6) read with sub-para 3 of Para A, Part A, Schedule III of the SEBI (LODR) Regulations, 2015, mandating system-driven disclosure of new credit ratings or revisions. The circular directed stock exchanges, in consultation with SEBI, to define the process, procedure, and timelines for these disclosures.

(B) SEBI Circular SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/59 dated April 29, 2025 – Issued to provide clarificatory and procedural changes for ESG Rating Providers (ERPs). It required stock exchanges to:

1. Prominently display ESG ratings of listed issuers/entities on the company’s profile page under a separate tab/section.
2. Prominently display ESG ratings of debt securities on the security’s profile page under a separate tab/section.

These circulars form the regulatory basis for the automated mechanism jointly implemented by NSE and BSE for credit rating and ESG rating disclosures.

Based on the above-mentioned circulars, the stock exchanges, in consultation with SEBI and in coordination with Credit Rating Agencies (CRAs) and ESG Rating Providers (ERPs), have established a system under which credit rating and ESG rating disclosures will be obtained directly from the respective CRAs/ERPs and automatically published on the stock exchange websites. This framework will come into effect from August 2, 2025.

Below will be the website path for accessing the Credit Rating and ESG Rating disclosures-

Credit Rating: https://www.bseindia.com/corporates/RatingActionByCRA.aspx   

ESG rating: https://www.bseindia.com/corporates/ERP.aspx

All CRAs and ERPs registered with SEBI are being provided with the login credentials.