Obligations on CRAs while undertaking rating of financial instruments falling under the purview of any other Financial Sector Regulator

Credit rating agencies must segregate disclosures, obtain client consent, and disclose non availability of SEBI protections for other regulator ratings.

CRAs rating instruments under other financial regulators must segregate grievance channels and disclosures, preserve SEBI minimum net worth requirements (with any other regulator requirements being additional), separate advertising and label rating reports to identify the applicable regulator, disclose non availability of SEBI investor protection mechanisms, obtain upfront written disclosures and client confirmations for new engagements, notify existing clients and confirm such notifications to SEBI, and include a Board approved undertaking in half yearly internal audit reports confirming compliance; staggered implementation timelines apply.