Synopsis & Integration of

IFSCA ESG Framework

GIFT SEZ, Gift City

January 2025

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 Table of content

01 IFSCA: Overview

02 IFSCA: ESG Framework

Disclosures by Fund
03 Management Entities for ESG
Schemes

Principles to mitigate the Risk

of Greenwashing in ESG
04 labelled debt securities in the
IFSC

05 Our Team

06 Credentials

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 Part I:
IFSCA: Overview

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 About IFSCA
Government of India established IFSC Authority (IFSCA) under the IFSCA Act
2019, in order to promote ‘ease of doing business’ in IFSC and provide world class IFSC Business Activities
regulatory environment

Banking Insurance Business

Guidelines to • Indian Banks • Indian and Foreign Insurers
SEBI • Foreign Banks
FMEs, Regulatory • Indian and Foreign Reinsurers
financial Environment • Indian and Foreign Intermediaries
institutions
RBI
Capital Markets
Asset and Fund Management
• International exchanges
• Fund Management Entity and Schemes
• Clearing corporations
• Investment Advisor
• Depository
• Wealth management
IRDAI • Custodians
• Custodial services
Country's • Broker/Trading members
Unified
finance
regulation
PFRDAI platform
Ancillary services framework
• Legal, Compliance and Secretarial
• Audit, Accounting, Bookkeeping and Taxation Services
• Professional & Management Consulting Services
IFSCAisanAssociateMemberoftheInternationalOrganisationofSecuritiesCom
• Assets Management Support Services and
mission(IOSCO) • Trusteeship Services
Regulatory powers of four financial services regulators in India, viz. RBI, SEBI,
IRDAI and PFRDA have been vested in IFSCA with respect to regulation of Financial Institution being a branch or entity in IFSC deemed as a ‘person resident
financial institutions, financial services and financial products in the IFSC, making it outside India’ for Exchange control purposes.
a unified regulator

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 Part II:
IFSCA ESG Framework

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 IFSCA: Introduction to the Framework
Notification dated 26th April 2022

▪ IFSCA issued a detailed framework on Sustainable and Sustainability linked lending by financial institutions.

▪ This framework is applicable to IFSC Banking Units(IBU) and Finance Companies(FC) and Finance Units(FU)operating in the IFSC, undertaking lending activities from
units in IFSC.

▪ To ensure Consistency, Comparability, and Reliability in disclosures concerning ESG schemes to make certain initial and periodic disclosures. The framework prescribed by
IFSCA is principle-based and largely aligned with international best practices.

This framework is issued to develop a comprehensive Board

approved policy on green/social/sustainable/sustainability-linked
lending by 31st March 2025 , for BU, FC and FU.
The recommendations made also include disclosures on project
types, methodologies and tools used for assessment and
reporting

All Banking Units, Finance companies/Finance units undertaking

lending as one of the permitted activities shall have at least five per
cent of their gross loans and advances directed towards
green/social/sustainable/sustainability linked sectors/facilities
effective from the beginning of financial year 1st April 2025 .
Non-compliance with the regulations may require a detailed
action plan towards ensuring compliance with this framework.

IFSCA has given emphasis to policies and frameworks that can

be used as reference points.

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Broad Areas of Framework

Green /Social /Sustainable

Lending Part A

Sustainability Linked Part B

Lending

Short Term Financing/ Working Capital Part C

Finance (Green/Social/Sustainable)

Reporting Framework Part D

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Guidance Frameworks

Frameworks/
Developed by About
Guidelines
• Framework for responsible financing of green projects and activities.
Green Loans
Loan Market Association (LMA) • Provides a set of guidelines for loan origination, documentation, and reporting to ensure alignment
Principles
with the principles of sustainable development.
• Framework for responsible financing that supports the achievement of social outcomes.
Social Loan
Green/Social/S

• Provides guidelines for loan origination, documentation, and reporting to ensure alignment with
Guidance on

Loan Market Association (LMA)

ustainable

Principals
lending
Part A:

principles of sustainable development, promoting socially responsible projects.

• Framework for the responsible issuance and management of bonds.
International Capital Markets
Bond Principles • Provides guidelines for bond origination, documentation, and reporting to ensure alignment with
Association (ICMA)
principles of sustainable development and responsible investment.
• Framework for the issuance of bonds to finance low-carbon and climate resilient projects.
Climate Bond • It provides guidelines for bond origination, documentation, and reporting to ensure alignment with
Climate Bonds Initiative
Standards principles of sustainable development and responsible investment in the transition to a low carbon
economy.
• Guidelines for the issuance of bonds that link interest rate or coupon payments to sustainability
Sustainability-
International Capital Markets performance targets.
Linked Bond
linked lending
Sustainability
Guidance on

Association (ICMA) • Promotes the financing of sustainable development and responsible investment practices through
Principles
Part B:

the alignment of bond terms with sustainable outcomes.

Asia Pacific Loan Market
Sustainability • Guidelines for the provision of loans linked to sustainability performance targets.
Association, LMA and Loan
Linked Loan • The framework promotes sustainable development and responsible investment practices through
Syndications and Trading
Principles alignment of loan terms with sustainability outcomes.
Association

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Core Components of the policy (1/2)

1. Policy Creation 4. Assessment and Legal Documentation of

the Use of Proceeds
Requires banks to create policies that consider ESG
factors in credit risk assessment and lending decisions to • Examines the expected uses of loan money to ensure they are
ensure responsible and sustainable practices. consistent with the framework’s sustainability objectives and
requirements.

• The evaluation must be documented in the loan facility's legal

2. Borrower Assessment documents to establish clear communication with all parties.

• Evaluates borrower's sustainability practices and

impact on environment, society, and governance
for sustainable lending

• Assesses creditworthiness and financial stability CORE 5. Key Performance Indicators (KPI) Selection
(financial history, credit score, income, assets and COMPONENTS • Selection of KPIs to measure the sustainability performance of the
liabilities, and capacity to repay) of potential borrower (sustainability profile, sustainability risk associated with the
borrowers before loan approval, including and loan, and the sector in which the borrower operates).
assesses alignment with SDGs and ESG factors.
• Selected KPIs should be relevant, credible and measurable.

3. Project Selection
The project selection process according to IFSCA's
sustainable lending framework involves evaluating the
6. Project Evaluation
potential projects for their social, environmental and • Involves a systematic assessment of environmental and social risks,
economic impact and selecting projects that align with impacts and opportunities of a proposed project to determine its
the lender's sustainability goals and principles. sustainability.

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Core Components of the policy (2/2)
7. Calibration of Sustainability
Performance Targets (SPT)
10. Incentivize the Achievement of the SPTs
• Involves setting specific, measurable, and timebound
targets for sustainability performance. • Encourages borrowers to reach their Sustainability Performance
Targets (SPTs) by including SPTs into loan pricing, loan covenants,
• This process involves aligning targets with borrower’s or other loan conditions, and recognising and rewarding borrowers
sustainability strategy, considering relevant sector-specific who operate sustainably and meet their SPTs.
SDGs, and considering materiality, feasibility and
consistency with the borrower's sustainability performance.

11. Mechanism for Verification of Performance

8. Reporting Mechanism
CORE • Involves verifying the achievement of the sustainability
• Involves the regular collection, monitoring and COMPONENTS performance targets (SPTs) through independent third-party
reporting of sustainability information related to loans assessments, internal audits, and self-assessments by the
and investments. borrower.
• Aims to measure and demonstrate their impact and • Aims to ensure accuracy and reliability of sustainability
progress towards sustainability objectives. performance information.

9. Monitoring 12. De-classification of Lending Facilities

• Process for monitoring the ongoing performance of a loan, with the aim
• Process of removing a loan from being classified as a sustainable
of ensuring that the loan remains aligned with SDGs.
lending facility, if it fails to meet the sustainability criteria and
• Involves tracking performance against agreed sustainability metrics performance targets set in accordance with the IFSCA framework.
and making any necessary adjustments to the loan terms or conditions.

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 Guidance Frameworks Examples

Sustainability- Sustainability
The Green Loans Social Loan Bond Climate Bond
Linked Bond Linked Loan (SLL)
Principles Principals Principles Standards
Principles Principles
UltraTech Cement Limited
(UltraTech) has today
The Green Bond One of the Indian On Jan 25, the Reserve announced that it has
State-owned REC Ltd has JK Tyre & Industries
Framework of one of the private development Bank of India (RBI) successfully raised US$500
raised USD 500 million received a USD 100 million
Indian multinational finance institution has staged its inaugural million through a
through green dollar bonds sustainability-linked loan
public sector bank is the first obtained the biggest auction of Sovereign sustainability-linked loan with
to support renewable energy from IFC, including USD 70
green loan issued in the social loan in history, a Green Bonds (SGrBs) with a participation from six banks.
projects. The 5-year bonds million for subsidiary
Indian market for an Indian $1.1 billion facility total value of Rs 8,000 The transaction marks the
have a coupon rate of 4.75% Cavendish Industries
bank. This loan could provide (about Rs 8,700 crore) crore. The centre sold second sustainability-linked
per annum and will mature Limited. The funds will
the basis for additional to finance affordable another 8,000 crore worth of financing raised by
on September 27, 2029. This expand production at plants
green/sustainable housing, highlighting green bonds on Feb 9, thus UltraTech, subsequent to its
marks the first US dollar in Madhya Pradesh and
transactions with the Indian the potential for successfully inaugural sustainability-
bond issuance by an Indian Uttarakhand, promoting
multinational public sector financing that is completing the Rs 16,000 linked bond issuance in
public sector enterprise in energy-efficient tyre
bank and connected to crore in green bond 2021. This financing signifies
2025 production and creating jobs.
other financial institutions. sustainability. issuances planned for the UltraTech’s ongoing
current FY. commitment to align its
funding strategy with its
sustainability and ESG goals.

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Annexure I – Illustrative list of Eligible Green Projects (1/3)

Eligible Green Categories Illustrative Eligible Green Projects

• Generation of electricity from Renewable Energy (RE) sources such as wind (onshore & offshore), solar, waste to energy, geothermal
energy or production of biofuels from waste sources.
Renewable Energy • Development and/or manufacture of renewable energy technologies, including equipment for renewable energy generation and
energy storage.
• Construction/ maintenance/ expansion of RE associated distribution networks.

• Promotion of energy efficiency in industrial and commercial sectors through development, manufacture and/or installation of
Energy Efficiency technologies for increasing operational energy efficiency of utilities and reducing GHG emissions.
• Energy efficiency in residential building, agricultural equipment and transportation

• Projects addressing reduction of pollution and waste ( e.g. air emissions, greenhouse gas control, soil remediation, waste prevention,
Pollution Prevention and Control
waste reduction, waste recycling and energy/ emission efficient, waste to energy etc.)

• Activities that provide access to adequate sanitation facilities.

• Activities that improve water quality ( e.g. water treatment facilities and upgrades to waste water treatment plants to remove excess
nutrients).
Sustainable Water and • Activities that increase water-use efficiency ( e.g. water recycling and reuse, water saving systems, technologies and water metering).
Wastewater Management • Water management/ treatment projects, distribution, desalination and other projects that ensure accessibility, drinkability and security
of water
• Sanitation infrastructure projects
• Projects, products and services to provide basic sanitation and safe drinking water to society.

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Annexure I – Illustrative list of Eligible Green Projects (2/3)

Eligible Green Categories Illustrative Eligible Green Projects

• Programs encouraging sustainable land use and sustainable agriculture, including climate smart agriculture which take into
• account climate mitigation and adaptation measures.
Environmentally Sustainable
• Projects that promote a low carbon economy around sustainable agriculture and food security;
Management of Living Natural
• Rehabilitation of sensitive and degraded ecosystems through sound management practices and land use planning.
Resources and Land use
• Projects that promote climate smart animal husbandry, sustainable aquaculture and fisheries, sustainable management of natural
resources and land use products, services and technologies.

Terrestrial and Aquatic Biodiversity • Conservation and enrichment of carbon pools in natural ecosystems.
Conservation • Programs that encourage environmental conservation and sustainable use of natural resources

• Technology to replace or reduce the direct use of fossil fuels, which generate GHG.
• Development of an effective, efficient, integrated affordable and eco friendly public transportation system.
Clean Transportation • Programs encouraging land use planning which allows movement by cycling, walking and public transport.
• R&D programs focusing alternative green fuel.
• Incorporating green technology in transportation infrastructure.

• Activities that increase resilience of ecosystems such as integrated watershed management.

Climate Change Adaptation
• Climate change adaptation infrastructure such as flood defense systems

Eco efficient and/or circular • Projects which focus on development of environmentally sustainable products, with an eco label or environmental certification and/or
economy adapted products, resource efficient packaging and distribution.
production technologies and • Production technologies and processes may relate to design and introduction of reusable, recyclable and refurbished materials,
Processes components, circular tools and services.

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Annexure I – Illustrative list of Eligible Green Projects (3/3)

Eligible Green Categories Illustrative Eligible Social Projects

Employment generation, and • Financing microfinance institutions and financing of SMEs that are often unable to gain access to financial products and Services
programs designed to prevent ✓ Rural populations focusing on agricultural production and agricultural value chains
and/or alleviate Unemployment ✓ Small businesses that demonstrate gender equality at the board and/or ownership level
stemming from socio economic ✓ Provision of financing to businesses run by economically excluded individuals
crises • Financial inclusion through ease of access to financial services and promoting financial literacy.

• Clean drinking water, sanitation, transport and energy among others

Affordable Basic Social Infrastructure • Construction, maintenance and equipment for water supply infrastructure
• Development of roads (including road infrastructure with a goal to improve rural/ remote connectivity

• Access to health, education, vocational training, healthcare, financing and financial services e g ramping up of health and
• wellness centers in rural and urban areas)
• Infrastructure for the provision of emergency medical response and disease control services.
Access to Essential Services • Supporting health care related products and services such as provision/ distribution of healthcare equipment and R&D and
• manufacturing for equipment for the provision of emergency medical response and disease control services.
• Construction of public schools
• Training for educational professionals that is accessible to the public/ low income individuals

Affordable Housing • Access to adequate, safe and affordable housing for excluded and/or marginalized populations

• Physical social and economic access to safe, nutritious and sufficient food, that meets the dietary needs and requirements.
Food Security and Sustainable • Resilient agricultural practices
Food Systems • Reduction of food loss and waste
• Improved productivity of small-scale producers

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 Part III:
Disclosures by Fund
Management
Entities for ESG
Schemes

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 Disclosures by FMEs for ESG Schemes
Notification dated 18th January 2025

▪ Regulatory Basis: Issued by IFSCA under the IFSCA Act, 2019, and Fund Management Regulations, 2022.
▪ Purpose: Ensure consistency, comparability, and reliability in ESG scheme disclosures in IFSC, establish standards and practices for FMEs launching and managing ESG
schemes, and align with international best practices
▪ Applicability: Applies to FMEs launching ESG schemes, including retail schemes, ETFs, restricted schemes, and venture capital schemes.
▪ Criteria: Schemes with terms like ‘Environment’, ‘Social’, ‘ESG’, ‘Green’, ‘Sustainability’, or marketed as ESG-focused.

. Initial Disclosures for ESG Schemes in Offer Document/Placement Memorandum

2) For every ESG scheme launched by a FME, the following disclosures shall be suitably made in the Offer Document / Placement Memorandum, as the case may be:

Sr. No Aspect About

In order to enable investors to discern the ESG characteristics / themes / intended outcomes of an ESG
A Name of the Scheme scheme, the name of an ESG scheme should be reflective of its ESG focus and consistent with its ESG-
related investment objectives and investment strategy.

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Disclosures by FMEs for ESG Schemes
Sr. No Aspect About

FME should transparently disclose the nature and extent of the scheme’s ESG-related investment objectives,
B Investment objectives
including details of the primary components of sustainability addressed by the scheme.

The disclosures relating to this section should consist of a detailed explanation of the type of investment
C Investment strategy strategy, including the ESG-related investment strategy, that the FME intends to pursue with a view to
achieve the stated investment objectives of the ESG scheme.

FME shall disclose the methodology for processes deemed relevant for ESG investments and include a
description of the same in the Offer Document / Placement Memorandum of the ESG scheme, as may be
applicable.

Further in case of ESG schemes which are retail schemes or ETFs, the FME shall ensure that these
ESG investment related
D processes are also publicly disclosed on their website or by other appropriate means.
processes

The strategy and methodology description may include various tools for investment decisions, such as the
investment universe, methodologies for ESG scores/ratings/criteria/profiles/index and their assumptions,
details of external service providers for these ESG metrics, key performance indicators (KPIs) for measuring
ESG performance, the minimum percentage of investable corpus for ESG objectives, and
definitions/standards for classifying assets as green or sustainable.

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Disclosures by FMEs for ESG Schemes
Sr. No Aspect About

Consistent with the need to achieve high levels of transparency, the FME managing an ESG scheme should
disclose all the specific risks that arise on account of the scheme’s pursuit of ESG-related investment
objectives, related investment strategies and processes, in addition to all the other material risks faced by the
scheme.
Disclosure of Risks and Risk
E
Management Practices

Further, wherever feasible, the risk management practices should also be disclosed by the FME.

Wherever feasible, FME may designate a reference benchmark for the ESG scheme to measure the
attainment of its ESG focus and/or financial performance vis-à-vis the benchmark.

F Benchmark
Where such a benchmark is designated, the FME should provide explanation as to how it is relevant to the
scheme and also provide a link to the benchmark methodology in the offer document or placement
memorandum of the scheme.

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Disclosures by FMEs for ESG Schemes
Periodic Disclosures for ESG Schemes

For every ESG scheme launched, FMEs must disclose to the Authority and investors, on
a half-yearly basis for retail schemes and annually for other schemes, compliance with
ESG-related investment objectives, ESG performance, and the actual proportion of
FMEs managing ESG schemes which are in the nature of retail schemes
investable corpus aligned with ESG objectives. If engagement with investee companies is
or ETFs shall publicly disclose the above at a suitable place on their
significant, efforts and voting activities must be disclosed. Additionally, FMEs must
website or by other appropriate means.
compare the scheme's performance with its benchmark, report any changes in
methodologies or processes, update on changes in external ESG score providers, and
share key findings from internal audits or third-party validations.

The FME should undertake, on a half-yearly basis for a retail scheme and on annual
ETFs or Schemes tracking an basis for other types of schemes.
ESG Index shall comply with
the requirements under this • Assessment of their compliance with the stated ESG-related investment objectives
Circular to the extent of the schemes.
Passive Monitoring &
applicable and provide • Measurement of the ESG-related performance of the scheme by evaluating any
ETFs or Performance pre-determined KPIs, expected outcomes and other relevant factors.
complete details of the chosen
Schemes Index, including its Evaluation • The marketing materials and advertisements are consistent with the disclosures
methodology and composition, made in terms of this Circular.
along with the rationale for • Fiduciary Declaration: Authorized person certifies adherence to ESG objectives
choosing the Index. and strategy, potentially backed by third-party validation. Report material
deviations to the Authority.

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 Part IV:
Principles to mitigate
the Risk of
Greenwashing in ESG
labelled debt securities
in the IFSC

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Mitigating Greenwashing Risks in ESG Debt Securities at IFSC
Notification dated 21st November 2025

▪ Role of ESG Debt Securities: ESG-labelled debt securities (Green Bond, Social Bond, Sustainability Bond, Sustainability-linked Bond) are crucial for financing sustainable
development and transitioning to a low-carbon economy.
▪ Global Concerns: Stakeholders, including investors, are increasingly concerned about the accuracy and reliability of sustainability claims by issuers.
▪ Greenwashing Definition: Greenwashing involves making unsubstantiated, false, vague, exaggerated, or misleading claims about sustainability benefits, and includes
concealing or omitting relevant information and emphasizing positive environmental aspects while downplaying harmful attributes.

IFSCA (Listing) Regulations, 2025 requires one of the following international In November 2022, the International Organization of Securities
standards/principles to be adhered to in order to label the debt securities as Commissions (IOSCO) published a paper on “IOSCO Good
Sustainable Finance Practices.” The paper highlights good
“green”, “social”, “sustainability” and “sustainability-linked” bond: practices for product-level disclosures, including naming,
labelling, classification of sustainability-related products,
investment objectives, strategies disclosure, and monitoring
compliance and performance.

International Capital Market

Association (ICMA)
European Union Standards;
Principles/Guidelines;
ICMA also published a report on “Market integrity and
greenwashing risks in sustainable finance” in October 2025
and identified four areas of concern of greenwashing with
Climate Bonds standard; Any framework or methodology
respect to sustainable bonds viz. lack of ambition, strategic
specified by a competent
inconsistency, mismanagement of wider sustainability risks
authority or a financial sector
and actual deception.
regulator in India.
ASEAN Standards;

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Principles for ESG-Labelled Debt Securities in IFSC (1/2)

Sr. No Principles Description

An issuer of debt security in IFSC shall not use the name “Green”, “Social”, “Sustainability”, “Sustainability-linked”
or similar terms or a combination of these terms in the issuance of ESG labelled debt securities or its marketing,
Being True to Label - Avoid misleading
A unless the securities are aligned with any of the frameworks recognised by IFSCA. Additionally, the offer
labels and terminology
document and marketing materials, if any must clearly explain how the issue including use of proceeds aligns
with the chosen framework and the specific environmental or social objectives it aims to achieve.

The issuer shall disclose in the offer document a statement on ESG objectives, details of process followed for
evaluating and selecting the project(s) and/or asset(s), proposed use of the proceeds and details of the systems
Screen the Green - Transparency in
and procedures for tracking the deployment of the proceeds as per the regulation 77 (1) of the Listing
B methodology for project selection and
Regulations, for the issue of securities. The issuer shall avoid the use of broad or generic statements to describe
evaluation
investment screening criteria. Further, disclosures should enable investors to fully understand the product's
sustainability-related investment screening criteria.

The issuer shall outline procedures for ensuring funds are directed solely towards projects or activities as defined
Walk the talk - Managing and tracking in the offer document and also disclose the internal control for managing and tracking the use of proceeds.
C
use of proceeds Details of the systems and procedures to be employed for tracking the deployment of the proceeds of the issue
must be disclosed by the issuer in the offer document.

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Principles for ESG-Labelled Debt Securities in IFSC (2/2)

Sr. No Principles Description

Overall Impact - Quantification of The issuer shall quantify the negative externalities associated with ESG debt utilization. This could include
D
Negative Externalities metrics for residual environmental impacts or potential environmental risks associated with the financed projects.

Issuers of green debt securities shall continuously monitor and disclose the environmental impact of their projects
financed by the issuance. This includes metrics demonstrating a reduction in adverse environmental impacts
E Be alert - Monitoring and Disclose
(e.g., carbon emissions, pollution levels) and progress towards a sustainable economy, as outlined in the offer
document.

Monitoring and Addressing Greenwashing in ESG Debt Securities

• While the above principles may not be exhaustive, Issuers may adopt additional methods, disclosures, and processes to assure investors
against greenwashing.

• Stock exchanges in IFSC where the ESG labelled debt securities are listed / intended to be listed shall monitor the initial and ongoing
disclosures and where warranted, seek necessary clarifications from issuers. Any case of potential or actual greenwashing shall be
analysed and shall be brought to the attention of IFSCA with comments.

• IFSCA will take suitable action under the IFSCA Act, 2019, and Listing Regulations in case of greenwashing incidents.

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 Part V:
Our Team

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 Leadership Team of ESG

Partner and National Leader Partner Associate Directors Managers/Assistant Manager

Dinesh Anand Mayukh Das Arpit Kumar

Abhishek Tripathi
Partner and National Manager
Partner Associate Director
Leader
Mamta Swarnakar
Manager
At Grant Thornton, our ESG engagement Abhishek has over twenty years
Debraj Datta
team is led by Dinesh Anand- a leading experience in the Sustainability,
national partner, alongside Abhishek Development Sector, CSR, Social Associate Director Pratik Sanadhya
Tripathi, Partner in ESG and Risk Impact Assessment, End Use Manager
consulting. monitoring, Fiduciary Risk
Management, Pre/Post Grant reviews,
social development and financial Amit Singh
management across India Shobhit Bhatnagar
Assistant Manager
Associate Director

Vinesh Nayaka
Assistant Manager
Mayukh Das, Debraj Datta and Shobhit
Bhatnagar also preside as Associate
Directors of our team, bringing great value Mridul Bagga
and specialized expertise with transformative Assistant Manager
insight and knowledge.

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