Conflict of interest rules bar credit rating agencies from rating securities of promoter-linked or affiliated entities without disclosure. Restrictions prohibit credit rating agencies from rating securities of entities that are borrowers, subsidiaries or associates of their promoters when there are common chairmen, directors, employees, or shared rating committee membership; agencies also must not rate securities of their own associate or subsidiary when officers or employees serve in both organisations. A limited exception allows rating where a common independent director abstains from rating discussions and the agency discloses that abstention in the rating announcement.