New Delhi [India], November 5 : Wholly-owned subsidiary of financial advisory firm Resurgent India, Resurgent ESG Services Pvt. Ltd (RESPL) received capital markets regulator Securities and Exchange Board of India (SEBI) approval as an Environmental, Social, and Governance (ESG) rating provider.
ESG reporting is a way for companies to disclose information about their environmental, social, and governance (ESG) practices.
To address the rising demand for ESG, Resurgent India founded its arm RESPL to provide businesses with customised ESG ratings.
ESG ratings are indicators of long-term sustainability and ethical business practices.
The subsidiary RESPL provides an extensive range of services, including establishing strong ESG governance frameworks, due diligence, sustainable finance strategy guidance, specialised Corporate Social Responsibility (CSR) plans, and specialised training.
RESPL projects onboarding a total of 20 clients within nine months of its operations in the fiscal year 2024-2025. It asserts that this number is expected to grow to 48 in the fiscal year 2025-2026 and further to 72 by 2026-2027.
RESPL said it plans to hire five more staff members in the fiscal year 2024-2025, increasing the total number of employees to seven from the current two.
Jyoti Prakash Gadia, Managing Director of Resurgent India Ltd, expressing his optimism, said, "ESG is no longer just about compliance; it's a pathway to long-term economic prosperity."
"Stronger ESG ratings put a company in a better position to draw capital, run more efficiently, and support the economy's sustainability as a whole. In the end, their proactive approach to controlling ESG risks would promote stability and growth in the Indian financial markets," said the Managing Director.
The increasing emphasis on ESG transformation across the globe has led to development of ESG regulations and standards. In India, Ministry of Corporate Affairs (MCA) and Securities Exchange Board of India (SEBI), among others, have adopted global standards and laid down several guidelines and regulations specific to the Indian market. Companies must comply with ESG regulations based on the jurisdiction in which they operate.