The capital market regulator, SEBI has permitted fund houses to issue multiple thematic ESG schemes. Explaining the rationale, the market regulator said in a circular, "In view of the industry representations for allowing multiple schemes with different ESG strategies and considering the increasing need for green financing, it has been decided to permit launch of multiple ESG schemes with different strategies by mutual funds," It has introduced six thematic sub-categories and directed the fund houses to ensure ESG schemes align with any one of these strategies i.e. exclusion, integration, best-in-class & positive screening, impact investing, sustainable objectives, transition or transition related investments.
Notably, the market regulator had earlier issued a consultation paper in this regard. Additionally, to improve transparency and mitigate risks of mis-selling and greenwashing, SEBI has laid down guidelines in the said circular.
The key guidelines are as follows:-
With effect from October 1, 2024, ESG schemes to invest at least 65% in companies reporting on comprehensive BRSR (Business Responsibility and Sustainability Reporting) and providing assurance on BRSR core disclosures.
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