What changed in SEBI's BRSR Core rules between July 2023 and March 2025?
Four things changed. Assessment is now allowed instead of reasonable assurance. Value chain partners are those at 2% or more of purchases or sales, not the top 75% cumulatively. Value chain reporting moved from comply-or-explain in FY 2024-25 to voluntary from FY 2025-26. A green credits line was added.
Side by side
- Verification of BRSR Core: 2023 said reasonable assurance; 2025 says assessment or assurance, with assessment done to Industry Standards Forum standards.
- Who is a value chain partner: 2023 said top partners cumulatively making up 75% of purchases or sales; 2025 says partners that individually make up 2% or more, and coverage may stop at 75%.
- Value chain disclosure: 2023 said top 250, comply-or-explain from FY 2024-25; 2025 says top 250, voluntary from FY 2025-26.
- Value chain verification: 2023 said limited assurance, comply-or-explain from FY 2025-26; 2025 says assessment or assurance, voluntary from FY 2026-27.
- Green credits: none in 2023; 2025 adds a Principle 6 leadership indicator from FY 2024-25.
What did not change
The glide path for the listed company itself is the same: top 150 for FY 2023-24, top 250 for FY 2024-25, top 500 for FY 2025-26 and top 1,000 for FY 2026-27. The conflict of interest rule for the provider also stayed, now worded for assessment or assurance.
Two new value chain rules
- In the first year of value chain reporting, prior year figures are voluntary.
- A company that reports value chain data must state what share of its purchases and sales the covered partners represent.
What Senseible does here
Senseible turns a supplier's electricity bills and fuel invoices into Scope 1 and 2 figures for the financial year, with each bill linked to its line, so a customer's questionnaire can be answered from records. Figures are self-declared.
- Value chain timeline for suppliers
- Assessment or assurance: which to choose
- Green credits line in BRSR
Sources: SEBI circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, 12 July 2023: BRSR Core, SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42, 28 March 2025
Last reviewed 2026-10-23.