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On 25thAugust 2022, vide notification number SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/ 113, a circular was issued by the Securities and Exchange Board of India (SEBI). Wherein it has enhanced disclosures by CRAsand Norms on Rating Withdrawal under SEBI (Credit Rating Agencies) Regulations, 1999[1] (CRA Regulations).In order to allow all the stakeholders and investors to assess the disclosures to assess the CRAs properly and fairly, the following changes have been introduced for the disclosures made by CRAs.
The Circular on the “enhanced disclosures by CRAs and Norms on Rating Withdrawal” applies to the following entities:
It has been clarified that at the time of withdrawing any credit rating referred section III above, a CRA has been mandated to assign a rating in its press release. It shall also assign a credit rating to such security except where there are no outstanding obligations under the security rate by the CRA.
The date of coming into effect of the above-mentioned guidelines has been given as follows:
This Circular on the enhanced disclosures by CRAs and Norms on Rating Withdrawal has been issued with the approval of the competent authority and has been brought after exercising the powers conferred on SEBI under sub-section 1 of s. 11 of the SEBI Act, 1992 read with Reg. 20 of SEBI (Credit Rating Agencies) Regulations, 1999. This circular aims at enhancing the disclosures by CRAs and issue norms o rating withdrawal by the CRAs.
Read our Article: SEBI Enhances Disclosures by CRAs and Norms on Rating Withdrawal
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