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<h1>Credit Rating Agency compliance: SEBI consolidates standards for registration, rating process, disclosures, audits and conflict management.</h1> SEBI's master circular compiles operative requirements for Credit Rating Agencies, mandating online registration and digital payments, prior approval for change in control and prescribed surrender procedures; standardized rating symbols and an Operations Manual detailing rating criteria, default recognition, committee governance and conflict of interest policies; mandatory rating agreements, monthly No Default Statements, standardized press releases and timelines for review and dissemination; extensive periodic and continuous disclosure obligations including default studies and income reporting; half yearly independent internal audits with rotation and expanded scope; investor grievance registration on SEBI's SCORES platform; and strict principles governing outsourcing and confidentiality.