Monitoring agency requirement: registered credit rating agency must monitor use of issue proceeds and submit regular reports. Issuer must use a monitoring agency - a credit rating agency registered with the Board (except for banks, public financial institutions and insurance companies) - to monitor use of issue proceeds. The monitoring agency shall submit quarterly reports in Schedule XI format until three hundred per cent of the proceeds actually raised are utilised. The board and management must comment on the findings as specified in Schedule XI. The issuer shall publicly disseminate the monitoring report within forty five days of each quarter by uploading it to its website and submitting it to the stock exchange(s) where its equity shares are listed.