Monitoring obligations for credit rating agencies require proactive default detection and prompt public disclosure of payment delays. CRAs must maintain proactive ISIN-wise surveillance to detect payment defaults and credit deterioration, follow up with issuers and debenture trustees when payments are unconfirmed, and issue a press release and refer cases of non-cooperation to the regulator if issuers do not respond within prescribed days. CRAs must review ratings on specified material events and disseminate press releases within set timelines, obtain a monthly No Default Statement from issuers with expedited review if delays are disclosed, ensure written rating agreements with clauses obliging timely information provision, and subject compliance to half-yearly internal audit.
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Provisions expressly mentioned in the judgment/order text.
Monitoring obligations for credit rating agencies require proactive default detection and prompt public disclosure of payment delays.
CRAs must maintain proactive ISIN-wise surveillance to detect payment defaults and credit deterioration, follow up with issuers and debenture trustees when payments are unconfirmed, and issue a press release and refer cases of non-cooperation to the regulator if issuers do not respond within prescribed days. CRAs must review ratings on specified material events and disseminate press releases within set timelines, obtain a monthly No Default Statement from issuers with expedited review if delays are disclosed, ensure written rating agreements with clauses obliging timely information provision, and subject compliance to half-yearly internal audit.
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