From CSR To BRSR Core: A Doctrinal Analysis Of India's ESG Regulatory Framework
Pyla Dhanunjay, Research Scholar, School of Law, Pondicherry University, Puducherry
Dr. Shyamtanu Pal, Assistant Professor, School of Law, Pondicherry University, Puducherry
ABSTRACT
Over the past decade, the Environmental, Social, and Governance (ESG) regulations in India have undergone a significant transformation, shifting from being merely voluntary corporate social responsibility guidelines to becoming a complex disclosure practice. This article undertakes a comprehensive doctrinal examination of India's ESG framework, looking at the way in which company law, securities regulation, environmental laws, and the guidelines for the financial sector interact. India holds a special place in the global regulatory landscape since it was one of the first nations to introduce by statute a requirement for corporate social responsibility (CSR) spending through Section 135 of the Companies Act, 2013. Subsequently, the Securities and Exchange Board of India (SEBI) has gradually introduced a comprehensive disclosure system, particularly the Business Responsibility and Sustainability Report (BRSR) and the BRSR Core, both of which require independent third-party verification for the top one thousand listed companies in phased manner. Moreover, the Indian legal system is supported by strong command and control environmental legislation as well as by progressive judicial decisions from the Supreme Court, which established key principles such as absolute liability and the polluter-pays principle. Nevertheless, there are serious structural difficulties in the practical application of these regulations, such as the lack of supply-chain data among Micro, Small, and Medium Enterprises, the early stages of an independent assurance market, regulatory fragmentation due to the presence of several overlapping bodies, and the continuing risk of greenwashing. In order to overcome these challenges, the study suggests the unification of reporting taxonomies, the creation of professional ESG assurance, the introduction of comprehensive cross-sectoral anti-greenwashing rules, and the strengthening of institutional enforcement mechanisms.
Keywords: ESG Regulation, Corporate Social Responsibility (CSR), SEBI, BRSR Core, India.
