India's capital-market regulator will support initiatives on setting environmental, social and governance, or ESG, standards for companies, though it isn't yet time to bring laws to enforce them, the chairman of the Securities?and?Exchange?Board?of?India said Friday.

"The time for prescription has not yet come. We need to grow this movement in voluntary form for some more time," C.B. Bhave said at a conference.

"SEBI has to watch where the ESG movement is going and at what stage SEBI's support is required," Bhave added.

Many investors consider ESG issues as such non-financial factors could give a better idea on the long-term?viability of companies.

India's National Stock Exchange already has an index, S&P ESG India Index, to track companies' response to their environmental, social and corporate governance responsibility.