FICCI congratulates SEBI for organising a meaningful and timely discussion on SEBI’s Consultation Paper on Business Responsibility and Sustainability Reporting. Several important issues included in the SEBI paper were discussed with stakeholders such as disclosures on waste generation and recycling, water and energy efficiency, human rights, customer privacy, financial implications of climate change, conduct of social impact assessment for projects, carbon emission, employee turnover, etc.
The meeting was chaired by Ajay Tyagi, Chairman, SEBI. Senior officials from SEBI – S K Mohanty, Whole Time Member and Amarjeet Singh, Executive Director also guided the discussions.
Subhrakant Panda, Vice President, FICCI represented industry’s views at the meeting along with other senior industry leaders representing a wide spectrum of sectors such as chemicals, aviation, textiles, auto, power, constructions, metal, mining, cement, financial services, consumer goods and IT. The session was moderated by Sunil Sanghai, Chairman, FICCI Capital Markets Committee.
It was highlighted for the Regulator’s attention that a uniform applicability of the reporting requirements across industries may not result in meaningful disclosures, given the varying nature of businesses across industries and at times, within the same industry. It was also suggested that voluntary applicability of the reporting format be extended for two years instead of the proposed one-year period.
SEBI was receptive to the suggestions and agreed to consider the inputs considering the larger interest of the economy and nation.