MASTER CIRCULAR FOR ESG RATING PROVIDERS — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR FOR ESG RATING PROVIDERS SEBI/HO/DDHS/DDHS -POD -2/P/CIR/2025/100 To, All Registered ESG Rating Providers, All Listed Entities , All Recognized Stock Exchanges, All Registered Depositories Madam / Sir , Subject: Master Circular for ESG Rating Providers (“ERPs”) ESG Rating Providers are regulated under the provisions of Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 ("CRA Regulations" as amended with effect from July 4, 2023) that inter-alia prescribe guidelines for registration of ERPs, general obligations of ERPs, manner of inspection and code of conduct applicable to ERPs . While the broad framework for ERPs has been laid down in the CRA Regulations, the procedural/ disclosure requirements and obligations are being specified through this Master Circular, which will enable the industry and other users to have access to all the applicable directions to ERPs at one place. ERPs are directed to comply with the conditions laid down in this master circular . Also, ERPs shall have necessary systems and infrastructure in place for implementation of this circular. The Board of Directors of the ERP shall be responsible for ensuring compliance with these provisions. This Master Circular is a compilation of the existing circulars as on date, with consequent changes. Accordingly, the list of existing circulars for ERPs which have been superseded by this Master Circular is placed at Appendix . July 11, 2025 V. Notwithstanding such rescission- anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; any application made to the Board under the rescinded circula