The ESG (environment, social and governance) committee constituted by the Securities and Exchange Board of India (Sebi) submitted its report in February. Navneet Munot of HDFC Asset Management chaired it (disclosure: I was a member of the committee). Based on this report, Sebi has sought public comments on a comprehensive set of issues: First, the regulatory framework for ESG disclosures by listed entities; second, the ESG ratings in the securities market; and third, ESG investing by mutual funds. It separately invited comments on the regulatory framework for ESG ratings providers (ERPs). Based on the consultations and feedback, the Sebi board on March 29 signed off on a regulatory framework, enabling us to determine the direction its regulations will take. Even as we await the final set of rules, there are a few pointers.