Evolving Corporate Sustainability Reporting Landscape in India: A Literature Review of SEBI's BRSR Framework (2021 - 2025)

Abstract

The seminal moment in Indian corporate sustainable regulatory norms was when financial markets' regulator SEBI (Securities and Exchange Board of India) unveiled the BRSR (Business Responsibility and Sustainability Reporting) framework in 2021. This review presents a comprehensive analysis of the framework's progressive evolution, phased implementation, and impact from 2021 to 2025. The analysis considered the industry and scholarly publications, explaining how the framework enables and enhances corporate transparency, accountability, and governance. It describes how Indian corporate practices are aligned with global ESG (environmental, social, and governance) norms, standards, and UN SDGs (Sustainable Development Goals). The analysis highlights the difficulties faced by reporting entities, such as data quality management and the risk of greenwashing, along with potential strategies to improve reliability by leveraging technological solutions and third-party assurance. Finally, the review concludes by recognizing the early work from academic research and proposing a critical path ahead for further inquiry to advance the framework's effectiveness and credibility.