FROM DISCLOSURE TO ACCOUNTABILITY: ANALYSING THE LEGAL AND REGULATORY IMPLICATIONS OF SEBI'S MANDATORY ESG ASSURANCE FRAMEWORK FOR LISTED ENTITIES

In 2021, the Securities and Exchange Board of India introduced the Business Responsibility and Sustainability Reporting framework as a mandatory disclosure obligation for the top one thousand listed entities by market capitalisation. The BRSR framework, grounded in the nine principles of the National Guidelines on Responsible Business Conduct, represents India's most ambitious attempt to systematise environmental, social, and governance accountability within the securities regulatory architecture. In 2023, SEBI intensified this framework through the BRSR Core, a curated set of nine Key Performance Indicators required to be subject to mandatory third-party reasonable assurance, a step that moves the ESG disclosure regime from mere reporting to verified accountability.