Code of conduct for credit rating agencies mandates independence, disclosure of methodology, conflict controls and governance safeguards. Amendment substitutes the Third Schedule to SEBI (Credit Rating Agencies) Regulations, 1999 prescribing a Code of Conduct requiring credit rating agencies to protect investor interests, maintain integrity, independence and objectivity, base ratings on adequate research and records, disclose rating methodology and conflicts, avoid unfair competition and misuse of privileged information, refrain from offering fee-based services to rated entities beyond ratings and research, notify the Board of material regulatory or registration changes, transfer outstanding business as instructed by affected clients, and implement internal codes, governance and compliance mechanisms including empowered compliance officers and senior management access to information.