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of <h1>Securities rating agencies barred from rating promoter-linked entities under Regulation 27; exceptions for independent directors disclosed.</h1> Regulation 27 of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, prohibits credit rating agencies from rating securities issued by entities connected to their promoters. This includes borrowers, subsidiaries, or associates of the promoter when there are shared directors, employees, or committee members between the agency and these entities. Additionally, agencies cannot rate securities from their associates or subsidiaries if there are shared personnel. However, they may rate securities from associates with a common independent director, provided the director does not participate in rating discussions and the agency discloses the director's non-participation.
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