SEBI has proposed stricter norms for appointing third-party reviewers of green debt to align with social, sustainability bonds.

• Issuers must appoint independent ESG experts to certify project eligibility, selection criteria, and alignment with SEBI norms.
• Reviewers must be free from conflicts of interest and not linked to the issuer’s management or directors.
• SEBI-registered ESG rating agencies can act as reviewers; the scope of review must be detailed in the offer documents.