ENA Sectors 2024-04-26 14:16:01 <p><span style="font-size:14px"><strong>New Delhi, Apr 26 (KNN)</strong> In a move aimed at promoting sustainable investment and corporate practices, the Securities and Exchange Board of India (SEBI) has granted approval to CRISIL ESG Ratings &amp; Analytics Limited to provide environmental, social, and governance (ESG) ratings.</span></p> <p><span style="font-size:14px">The approval comes at a pivotal time when ESG disclosures are improving and financial markets are increasingly recognising the importance of independent ESG assessments.</span></p> <p><span style="font-size:14px">CRISIL ESG Ratings &amp; Analytics, a wholly-owned subsidiary of CRISIL Ratings Limited, has been designated as a Category 1 provider of ESG ratings, the rating firm stated on Thursday.</span></p> <p><span style="font-size:14px">According to Amish Mehta, Managing Director and CEO of CRISIL, The approval will support decision-making for issuers and investors, and channel funds towards sustainable growth of the Indian economy.</span></p> <p><span style="font-size:14px">Last year, SEBI mandated that ESG rating services in India can only be provided by certified entities, including foreign agencies operating in the country.</span></p> <p><span style="font-size:14px">Prior to this order, CRISIL was offering ESG ratings as part of its overall rating services. The establishment of CRISIL ESG Ratings was a strategic move to comply with SEBI's regulations.</span></p> <p><span style="font-size:14px">CRISIL has been actively involved in ESG assessments since 2021, launching its ESG scoring business and gradually expanding coverage to approximately 1,000 companies across 65 sectors. These scores, now reclassified as ESG ratings, will be transferred to the new subsidiary.</span></p> <p><span style="font-size:14px">Gurpreet Chhatwal, Managing Director of CRISIL Ratings, highlighted the unique features of their ESG ratings framework, stating, The ESG ratings are based on a unique India-specific framework that factors in nuances at the sectoral level while being guided by global best practices. The process involves analysing over 500 unique data points across environmental, social, and governance aspects for each company.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37565 https://knnindia.co.in/news/newsdetails/sectors/crisil-subsidiary-approved-to-provide-independent-esg-ratings-in-india 2024-04-26 14:16:01 knnindia.co.in