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Informist, Friday, Feb. 27, 2026

MUMBAI – The Securities and Exchange Board of India Friday revised norms for appointment of an independent third-party reviewer or certifier for green debt security. The regulator has revised the norms to protect the interest of investors in securities, to promote the development and to regulate the securities market. The provisions of this circular shall be applicable with immediate effect, the regulator said.

As per the revised rules, the issuer must appoint an independent reviewer or certifier, who shall be independent of the issuer, its directors, senior management and key managerial personnel. Further, the SEBI circular said, the reviewer shall be remunerated in a way that prevents any conflicts of interest and they should have expertise in assessing environmental, social, and governance debt securities.

"The scope of the review(s) conducted by the independent third-party reviewer or certifier shall be specified in the offer document," the circular said. "The independent third-party review may take one or more of the forms recommended by International Capital Market Association which includes second party opinion form, verification form including the cases where proceeds are to be utilised for the purpose of re-financing, certification, and scoring or rating form." End

Reported by Vaishali Tyagi

Edited by Ashish Shirke

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