The Securities and Exchange Board of India (SEBI) on February 27, 2026, issued the revised norms for appointment of an independent third-party reviewer/certifier for green debt security.
The following has been stated:
• Under the updated framework, issuers of green debt securities must appoint an independent third-party reviewer or certifier—who is independent of the issuer and its management, conflict-free in remuneration, and has relevant ESG expertise—to certify that the issuance complies with SEBI’s definition and standards for green debt securities.
• The scope of the review shall be disclosed in the offer document, and eligible reviewers may include SEBI-registered ESG rating providers.
• These changes align the green debt security review process with norms applicable to other ESG-linked debt instruments and enhance transparency and credibility in the sustainable finance market.
[Notification no. - HO/17/11/24(1)2026-DDHS-POD1/I/5967/2026]
