Mumbai: Chairman of Ajay Tyagi on Wednesday said that Indian laws were in front of the curve in formulating rules for adopting practices that promote ESG (environment, sustainability & governance) by the corporate sector.
Further market regulators show that as well before the curve in formulating the rules to promote ESG practices for the entities set in early 2012 and recently increasing them with new codes.
He signaled an increase in several rules and ESG codes to be in harmony with the practice of global investment & regulations.
Tyagi warned about ‘greenwashing’, a practice through which company and other entities took the road that seemed to promote ESG, but the results did not reflect the same thing.
The Head of SBI said that the funds that focus on ESG in India must comply with the investment process in the new rules that will require this to invest only in companies that follow the regulatory business responsibilities and sustainability reports (BRSR).
Tyagi spoke at a time held by FICCI Industry Trade.
Tyagi also signaled several changes that will come to how listed by Indian companies carry out their ESG initiatives.
He said international forums for securities regulators, international organizations of the Securities Commission (iOSCO), are in the process of publishing their reports on the ‘ESG ranking and ESG data provider’, which will include recommendations on this entity, along with the rules and supervision approaches in connection with the same thing .
He said that a sharp seemed to watch international developments in this room and will immediately receive the same call.
SBI’s head signaled enhanced ESG rules
