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Expected Loss based rating scale for infrastructure introduced; CRAs must follow new disclosure, withdrawal and governance rules. Amendments introduce an Expected Loss (EL) based Rating Scale for infrastructure instruments with seven EL categories and require CRAs to prefix rating symbols with their name; they mandate press releases on withdrawal (stating reasons) except in specified cases, set procedures and timelines for initial rating communication, issuer acceptance or review/appeal and public disclosure of non-accepted ratings in prescribed formats, update half-yearly and six-month reporting annexures to capture rating actions and defaults, and strengthen governance by excluding MD/CEOs and business-responsible persons from rating committees and requiring issuer-review committees to be largely distinct and include one-third independent members.
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Provisions expressly mentioned in the judgment/order text.
Expected Loss based rating scale for infrastructure introduced; CRAs must follow new disclosure, withdrawal and governance rules.
Amendments introduce an Expected Loss (EL) based Rating Scale for infrastructure instruments with seven EL categories and require CRAs to prefix rating symbols with their name; they mandate press releases on withdrawal (stating reasons) except in specified cases, set procedures and timelines for initial rating communication, issuer acceptance or review/appeal and public disclosure of non-accepted ratings in prescribed formats, update half-yearly and six-month reporting annexures to capture rating actions and defaults, and strengthen governance by excluding MD/CEOs and business-responsible persons from rating committees and requiring issuer-review committees to be largely distinct and include one-third independent members.
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