BRSR is the Business Responsibility and Sustainability Report that SEBI requires listed companies to publish in their annual report. BRSR Core is a smaller set of key indicators inside it, under nine ESG attributes, that must be independently assessed or assured. SEBI phases this in by market capitalisation: the top 1,000 listed entities are covered from FY 2026-27.
Last reviewed: 17 October 2026. Facts checked. We read the full text of SEBI's circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28 March 2025, which revised the BRSR Core provisions. We tried to open SEBI's July 2023 circular through an NSE archive link and the connection failed, so we did not read it. We did not open the LODR Regulations or the master circular itself, so we do not state who must file the base BRSR beyond what the March 2025 circular shows. Confirm applicability against the current master circular.
What BRSR is
BRSR is a structured sustainability report. The March 2025 circular refers to the BRSR format in an annexure of SEBI's master circular for listed entities, and to value-chain disclosures made "as part of its Annual Report". It has principle-wise questions, and one of them, Principle 6, now carries a leadership indicator on green credits, which applies to BRSR disclosures for FY 2024-25 onwards.
What BRSR Core is
Per the circular, BRSR Core is "a sub-set of the BRSR, consisting of a set of Key Performance Indicators (KPIs) / metrics under 9 ESG attributes". It includes some indicators chosen for the Indian context, such as job creation in small towns, openness of business and gross wages paid to women. It also uses intensity ratios based on revenue adjusted for purchasing power parity, for better global comparability.
SEBI says the data approach it sets out is only a base methodology. Any changes or industry-specific adjustments or estimates must be disclosed.
The glide path
The circular says listed entities must mandatorily undertake assessment or assurance of BRSR Core, by market capitalisation:
| Financial year | Entities covered |
|---|---|
| 2023-24 | Top 150 |
| 2024-25 | Top 250 |
| 2025-26 | Top 500 |
| 2026-27 | Top 1,000 |
So FY 2026-27 is the year the top 1,000 come in. Our piece on BRSR Core evidence gaps before March 2027 covers how to prepare.
Assessment or assurance
The March 2025 circular gives entities an option. The reporting entity can obtain assessment or assurance. SEBI states that "assessment" means a third-party assessment done under standards developed by the Industry Standards Forum in consultation with SEBI. The change was made to cut cost and effort and to make the process "profession agnostic", which means the work is not tied to one profession.
The BRSR format now asks for the name of the assessment or assurance provider and the type obtained.
Who can provide it
The circular sets two conditions:
- Expertise. The board of the listed entity must ensure the provider has the necessary expertise.
- No conflict of interest. The entity must ensure the provider and its associates do not sell products or provide any non-audit, non-assessment or non-assurance service, including consulting, to the listed entity or its group entities.
This matters in practice. A firm that helped you build your sustainability data may not be a safe choice to assure it.
Value chain disclosures
SEBI also changed the value chain rules. In the circular's words, the value chain covers top upstream and downstream partners each making up 2% or more of purchases and sales by value, and the entity may limit disclosure to cover 75% of its purchases and sales. For the top 250 listed entities, these value chain disclosures are voluntary from FY 2025-26. Assessment or assurance of them is voluntary from FY 2026-27.
How an auditor or assurance provider works
The provider tests each KPI against evidence. Typical evidence:
| KPI area | Evidence |
|---|---|
| Energy and emissions | Bills, meter readings, calculation sheets |
| Water and waste | Meter data, vendor certificates |
| Employees and wages | Payroll data, HR records |
| Safety | Incident logs |
| Governance | Board records, policies |
The circular notes that, for waste, disclosure may be provided where vendor certificates were relied on. Our BRSR Core assurance working paper template gives a layout, and our BRSR internal audit checklist covers the pre-assurance review.
What we did not verify
We did not confirm the exact scope of "reasonable" versus "limited" assurance, as the circular we read does not set an assurance standard. We did not verify penalties for non-compliance. Neither is stated here.
Frequently Asked Questions
What is BRSR in simple words?
It is a sustainability report that listed companies publish with their annual report, covering environment, social and governance topics.
What is BRSR Core?
A subset of BRSR with key indicators under nine ESG attributes, which must be independently assessed or assured.
Who must get BRSR Core assessed or assured in FY 2026-27?
Per SEBI's March 2025 circular, the top 1,000 listed entities by market capitalisation.
Does the assurance provider have to be a chartered accountant?
No. The circular describes the process as profession agnostic. The board must still ensure the provider has the expertise and no conflict of interest.
Is value chain assurance mandatory?
Not at present. The circular makes value chain disclosures voluntary for the top 250 from FY 2025-26, and assessment or assurance of them voluntary from FY 2026-27.
Related Articles
Statutory facts on this page are checked against their sources, and the page says where it relied on secondary reporting. How we verify · Report an error