Clarificatory and Procedural changes to aid and strengthen ESG Rating Providers (ERPs): The circular clarifies the withdrawal process for ESG ratings. For subscriber-pays ERPs, ratings can be withdrawn if no subscribers exist, except for bundled ratings (e.g., indices like Nifty 50), and may also be withdrawn if the issuer lacks a BRSR. For issuer-pays ERPs, ratings of securities may be withdrawn after three years or half the tenure of the security (whichever is higher), with NOC from 75% of bondholders, issuer/entity ratings may be withdrawn after three years. (SEBI Circular Dated 29/04/2025)