Industry Standards Forum to facilitate ease of implementation of rules: Sebi

BRSR Core ESG assurance requirements and structured digital database requirements under PIT Regulations, Sebi said.The industry associations have indicated a timeline of three to four months to design standards for the effective implementation of requirements in these areas.The standards would be designed at a level of detail to demonstrate compliance with the said regulations and circulars in this regard.

Markets regulator Sebi on Monday said that industry bodies will formulate standards in the next three-four months to facilitate ease of implementation of rules concerning rumour verification as well as ESG (Environment, Social, Governance) assurance requirements.

The other areas to be focussed by industry bodies are -- structured digital database requirements under insider trading rules and disclosure norms, Sebi said in a statement.

To facilitate capital formation in the economy and ease of doing business, Sebi, in July, proposed the formation of an Industry Standards Forum, to be formed by industry associations and chaired by an industry leader under the aegis of the stock exchanges.

It was proposed that the forum would formulate standards for the implementation of specific regulations and circulars, based on feedback from industry and stakeholders, in consultation with Sebi.

The regulator said that the proposal to start with a pilot has received very positive feedback.

''The industry associations have conveyed that they would like to take up more than one pilot and the following, inter alia, have emerged as priority areas to start with rumour verification requirements, disclosure requirements... BRSR Core / ESG assurance requirements and structured digital database requirements under PIT Regulations,'' Sebi said.

The industry associations have indicated a timeline of three to four months to design standards for the effective implementation of requirements in these areas.

The standards would be designed at a level of detail to demonstrate compliance with the said regulations and circulars in this regard. Further, three industry associations -- Assocham, CII, and FICCI -- have nominated their representatives for the pilots and agreed on the broad architecture of the forum and are in the process of selecting a chairperson for the same, Sebi said.

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