On 30th May, 2017 SEBI came out with a circular stating the disclosure requirements for issuance and listing of Green Debt Securities in India. Explain the Disclosure Document and other requirements in this context.

The issuer of a Green Debt Securities shall make following disclosures: (i) A statement on environmental objectives of the issue of Green Debt Securities; (ii) Brief details of decision-making process issuer have followed/would follow for determining the eligibility of project(s) and/or asset(s), for which the proceeds are been raised through issuance of Green Debt Securities. An indicative guideline of the details to be provided is as under: process followed/to be followed for determining how the project(s) and/or asset(s) fit within the eligible green projects categories; the criteria, making the project(s) and/or asset(s) eligible for using the Green Debt Securities proceeds; and environmental sustainability objectives of the proposed green investment. (iii) Issuer shall provide the details of the system/procedures to be employed for tracking the deployment of the proceeds of the issue. (iv) Details of the project(s) and/or asset(s) or areas where the issuer, proposes to utilise the proceeds of the issue of Green Debt Securities, including towards refinancing of existing green project(s) and/or asset(s), if any. (v) The issuer may appoint an independent third party reviewer/certifier, for reviewing/ certifying the processes including project evaluation and selection criteria, project categories eligible for financing by Green Debt Securities, etc. Such appointment is optional and shall be disclosed in the offer document.