How BRSR got here, circular by circular.
The SEBI and NSE circulars that shape BRSR and BRSR Core, newest first, with what each one means for you.
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SEBI moves BRSR Core to assessment or assurance, revises value-chain rules and adds green credits
BRSR Core now requires assessment or assurance. An assessment is carried out under standards of the Industry Standards Forum (ISF), in consultation with SEBI; the glide path is unchanged. Value chain partners are those that individually account for 2% or more of purchases or sales, and the disclosure may be limited to 75% coverage. Value-chain disclosure is voluntary for the top 250 from FY2025-26, with assessment or assurance voluntary from FY2026-27. A voluntary green credits disclosure is added as a Principle 6 leadership indicator from FY2024-25.
What it means for you: You can choose between assessment and assurance for BRSR Core. The top 1000 listed entities need one of them from FY2026-27. If you are in the top 250 and plan value-chain disclosures, identify partners at or above 2% of purchases or sales, decide your coverage and start collecting data with evidence.
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NSE: file BRSR in both PDF and XBRL, on the same day as the annual report
NSE set out how listed companies file BRSR. The report is filed in both PDF and XBRL, on the same day as the annual report. Applicability is determined by market capitalisation as on 31 March, and once BRSR applies it continues to apply even if the company later falls below the threshold (LODR Regulation 3(2)). Companies outside the top 1000 may file voluntarily. The reasonable assurance certificate must be attached where applicable.
What it means for you: Plan for two outputs of the same report, a PDF and an XBRL filing, ready on the day your annual report goes out. Check each year whether you have entered the top 1000, and remember that falling out of it later does not end the requirement.
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SEBI introduces BRSR Core and a glide path for assurance
SEBI introduced BRSR Core: a set of key performance indicators under nine ESG attributes, including India-specific KPIs such as job creation in smaller towns, openness of business and wages paid to women, and intensity per rupee of turnover adjusted for PPP. It set an assurance glide path by market capitalisation, from the top 150 listed entities in FY2023-24 to the top 1000 in FY2026-27. The assurance provider must have no conflict of interest: no products or non-assurance services, including consulting, to the entity or its group. The circular also set out ESG disclosures for the value chain.
What it means for you: BRSR Core is the part of your BRSR that someone independent will check. Plan your data, evidence and approvals per KPI, and choose a provider who sells you nothing else. Note that SEBI's March 2025 circular changed the requirement to assessment or assurance and revised the value-chain rules.
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SEBI introduces the Business Responsibility and Sustainability Report (BRSR)
SEBI introduced the Business Responsibility and Sustainability Report (BRSR), replacing the earlier Business Responsibility Report (BRR). BRSR was voluntary for FY2021-22. It became mandatory for the top 1000 listed entities by market capitalisation from FY2022-23. The format is organised as general disclosures, management and process disclosures, and principle-wise performance across nine principles.
What it means for you: If your company is among the top 1000 listed entities by market capitalisation, BRSR has been part of your annual report cycle since FY2022-23. Every later change, including BRSR Core and its assessment or assurance, builds on this format.
See how a number moves from a plant invoice to a locked disclosure.
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