CPCB issued show cause notice for non-compliance of PWM Rules

Introduction

The Securities and Exchange Board of India (SEBI) (Credit Rating Agencies) (Amendment) Regulations, 2023, target Environmental, Social, and Governance (ESG) rating providers to ensure transparency and reliability. These regulations represent a significant advancement for the ESG rating industry. In a related development, the Central Pollution Control Board (CPCB) issued a show cause notice under Section 5 of the Environment (Protection) Act, 1986, for non-compliance with the Plastic Waste Management Rules, 2016.

Application for Grant of Certificate

1. Application Requirement: Any entity intending to operate as an ESG rating provider must apply to the SEBI for certification once these regulations come into effect.
2. Form and Fees: Applications should be submitted in Form A of the Fifth Schedule, accompanied by a non-refundable fee as specified in Part A and Part B of the Sixth Schedule.
3. Categories: Registration will be sought in either Category I or Category II.

Eligibility Criteria

To obtain certification, the applicant must:
– Be incorporated under the Companies Act, 2013.
– Have ESG rating as a primary objective in its Memorandum of Association.
– Submit a business plan detailing target breakeven dates, revenue projections, client targets, and anticipated cash losses. Targets should be realistic and specific to securities markets.

CPCB Compliance for Plastic Waste Management

The Central Pollution Control Board (CPCB) has issued a show cause notice under Section 5 of the Environment (Protection) Act, 1986, for non-compliance with the Plastic Waste Management Rules, 2016. This notice affects entities under Extended Producer Responsibility (EPR), which must register on the CPCB’s centralized portal.

Entities must submit a complete registration application within 15 days of the April 19, 2023, directive. Non-compliance can result in:
– Closure of Operations: Immediate halt to operations.
– Environment Compensation: Financial penalties for violations.

Failure to respond within 10 days will lead to further action under the Environment (Protection) Act, 1986.

Conclusion

The new SEBI regulations enhance oversight of ESG rating providers, while CPCB’s stringent measures ensure compliance with plastic waste management protocols. Both initiatives reflect a broader commitment to environmental sustainability and regulatory compliance.

To know the list of organization get show cause notice, Click on the below-given link.

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