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<h1>Annual Credit Rating Review Mandated for Non-Convertible Securities Under SEBI 2015 Regulations for Transparency and Investor Protection.</h1> Each listed entity with non-convertible securities must have its credit rating reviewed annually by a credit rating agency registered with the Securities and Exchange Board of India (SEBI). This requirement is part of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The provision ensures that the creditworthiness of such securities is regularly assessed to maintain transparency and protect investor interests. The term 'debt' was removed from the regulation as per a notification issued in September 2021.