SEBI Extends the Timeline for Implementing Standardised Industry Classification by CRAs

On 1st December 2022, the Securities and Exchange Board of India (SEBI) issued Circular No. – SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/168 in regard to the extension of the timeline of implementing standardised industry classification by Credit Rating Agencies (CRAs).

SEBI has previously issued Circular No. – SEBI/HO/MIRSD/CRADT/CIR/P/2022/42 on 1st April 2022, which advised the CRAs to implement standardising industry classification by 30th September 2022. The guidelines issued were then subsequently revised via the amendments issued on Circular No. – SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/134 on 30th September 2022, and the timeline for the implementation was extended to 30th November 2022.