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<h1>SEBI Mandates New Expected Loss Rating Scale for CRAs on Infrastructure Projects; Compliance Due by March 31, 2022.</h1> The circular from SEBI introduces an Expected Loss (EL) based rating scale for credit rating agencies (CRAs) to assess infrastructure projects and instruments. The EL scale ranges from EL 1, indicating the lowest expected loss, to EL 7, indicating the highest expected loss. CRAs must align their rating scales with those prescribed by financial regulators or SEBI's guidelines. Compliance with these requirements is mandatory by March 31, 2022, with confirmation due by April 15, 2022. The circular aims to protect investors and standardize rating practices in the securities market.