The Securities and Exchange Board of India (SEBI) has notified the Issue and Listing of Non-Convertible Securities (Amendment) Regulations, 2023. SEBI strengthened the framework for green bonds by introducing the concept of blue and yellow bonds as new modes of sustainable finance. It has notified the inclusion of specific subcategories (blue and yellow bonds) within the definition of green debt security. Blue bonds comprise funds raised for sustainable water management including clean water and water recycling, and the sustainable maritime sector including sustainable shipping, sustainable fishing, fully traceable sustainable seafood, ocean energy and ocean mapping. Yellow bonds comprise funds raised for solar energy generation and the associated upstream and downstream industries. The regulatory framework defines green debt securities as debt securities issued for raising funds that are to be utilised for projects or assets falling under certain categories.