September 21, 2022
To
All Credit Rating Agencies (CRAs) registered with SEBI
Dear Sir/ Madam,
I SEBI (Credit Rating Agencies) Regulations, 1999 (“CRA Regulations”) provide for a principle-based regulation of Credit Rating Agencies (CRAs) focusing inter alia on prevention of conflict of interests. Regulation 13 of the CRA Regulations require CRAs to abide by the Code of Conduct contained in the Third Schedule.
II Further, CRA Regulations inter alia required CRAs to segregate certain activities to a separate entity under Regulation 9(f) of CRA Regulations (hereinafter referred to as “non-rating associate or subsidiary or group entity” or collectively as “nonrating entities”).
III In view of the above, the following measures are mandated to strengthen the firewall between SEBI-registered CRAs and their non-rating entities:
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