Credit Rating Agencies must follow SEBI mandated registration, standardized rating scales, disclosure, governance, audit and outsourcing rules. SEBI's Operational Circular consolidates CRA regulatory directives: registration and change of control approvals via the SEBI Intermediary Portal; procedures for transfer, suspension, cancellation and surrender of registration with mandated client communications and migration facilitation; standardized rating symbols and EL scale; detailed requirements for operations manuals, rating processes, press releases and treatment of non cooperation; periodic PD benchmarks and default/transition disclosures; prescribed timelines for reviews and press releases; governance, internal audit, conflict of interest, firewall and outsourcing rules; and continuing SEBI oversight and reporting obligations.
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Provisions expressly mentioned in the judgment/order text.
Credit Rating Agencies must follow SEBI mandated registration, standardized rating scales, disclosure, governance, audit and outsourcing rules.
SEBI's Operational Circular consolidates CRA regulatory directives: registration and change of control approvals via the SEBI Intermediary Portal; procedures for transfer, suspension, cancellation and surrender of registration with mandated client communications and migration facilitation; standardized rating symbols and EL scale; detailed requirements for operations manuals, rating processes, press releases and treatment of non cooperation; periodic PD benchmarks and default/transition disclosures; prescribed timelines for reviews and press releases; governance, internal audit, conflict of interest, firewall and outsourcing rules; and continuing SEBI oversight and reporting obligations.
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