SEBI extends due date for public comments on Business Responsibility Reporting Format
The Ministry of Corporate Affairs had conducted a meeting on the business responsibility reporting format conclusion issue in 2018. Both listed and unlisted firms will have to follow the new pattern. Moreover, the market regulator has designed a new BRR format based on the National Guidelines on Responsible Business Conduct.
It has released a new BRR format on 11th August 2020 with a name of Business responsibility and sustainability reporting (BRSR). In this report, it has stated a few particulars regarding the quality improvement and use of exposures recommended.
Thereafter, SEBI has offered a deadline for receiving the comments on the proposed new BRR pattern till September 18th.
On Friday, the market relator extended the due date for submitting the public comments on the new format of BRR. Moreover, the SEBI has extended the due date in the view of the impact of the COVID pandemic.
According to the source, the securities regulator has selected 1000 companies from the listed entities. Besides, it has been selected these companies in the view of market capitalization. Besides, the format would apply to these 1000 companies only.
Moreover, the proposed exposures in the BRSR will give a chance to engage with stakeholders, said by SEBI.
As of the source, the listed companies try to agree with the BSRS format as a voluntary basis for the current financial year 2020-2021. The firm that will not consider this new format will survive in the existing format.
Anyhow, the new format will applicable from FY2021-2022. It would be mandatory for all firms.
According to the source, SEBI has papered this new BRSR format in three sections namely Sections A, B, and C.
In section A, it reported as general disclosures and in section B discuss management and process exposures, while in C section reports the principle wise performance disclosures.