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of <h1>Amendment to Para 15: CRAs Must Recognize Payment Delays as Defaults, Clarifies Handling of Technical Defaults.</h1> The circular amends Para 15 of the Master Circular for Credit Rating Agencies (CRAs) to address the definition of default and post-default curing periods. It reiterates that any delay or shortfall in payment must be recognized as a default, except when rescheduling occurs before the due date. The circular introduces specific guidance for handling technical defaults, such as failures due to incorrect investor information or government account freezes. CRAs must verify fund availability and payment failures, and report details to exchanges and trustees. The term 'technical default' is removed from policy scenarios, effective immediately, to protect investor interests.
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