Industry Standards Forum — comprising apex industry chambers of CII, FICCI and Assocham — has made significant progress towards putting in place new standards for compliance with SEBI regulations, its Chairman KV Kamath said on Wednesday. 

He also said that extensive deliberations are being conducted by the Forum with industry representatives in consultation with SEBI.

On the anvil are precise compliance standards for SEBI mandated ESG disclosures under Business Responsibility & Sustainability Reporting (BRSR) Core framework and applicable assurance requirements.

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Kamath also said that standards for compliance with the recently-introduced requirement of verification of rumours by listed entities are also being developed.

Kamath was referring to the recently-amended provisions of SEBI Listing Obligations and Disclosure Requirement (LODR) Regulations, of which standards for BRSR Core, ESG assurance requirements and rumour verification have been taken up on priority by the Industry Standards Forum. Post finalisation of the first set of standards, the Forum would take up disclosure requirements under Regulations 30 and 30A of the LODR Regulations, he added.

Industry Standards Forum

As part of a unique initiative facilitated by SEBI, India’s three leading industry associations – Assocham, CII and FICCI – have come together and constituted the Industry Standards Forum under the Chairmanship of KV Kamath to assist in designing the implementation standards for various SEBI regulations under the aegis of the stock exchanges. 

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The inclusive approach designed to foster collaboration and enhance ease of compliance has been appreciated by all stakeholders.

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