Definitions

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....ns or controls shares carrying not less than ten percent of the voting rights, or (iii) majority of the directors of which, own or control shares carrying not less than ten percent of the voting rights of the credit rating agency, or (iv) whose director, officer or employee is also a director, officer or employee of the credit rating agency; (c) "Board" means the Board as defined in clause (a) of sub-section (1) of section 2 of the Act; (d) "body corporate" means a body corporate as defined in ^6[clause (11) of section 2 of the Companies Act, 2013 (18 of 2013)]; (e) "certificate" means a certificate of ^1[^2[***] registration granted] by the Board under these regulations; ^3 [(ei) ^4[***....

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....ements) Regulations, 2018]; (n) "inspecting officer" means any one or more persons appointed by the Board under regulation 29; (o) "issuer" means a person whose securities are proposed to be rated by a credit rating agency; (p) "net-worth" means the aggregate value of the paid up equity capital and free reserves (excluding reserves created out of revaluation), reduced by the aggregate value of accumulated losses and deferred expenditure not written off, including miscellaneous expenses not written of; (q) "rating" means an opinion regarding securities, expressed in the form of standard symbols or in any other standardised manner, assigned by a credit rating agency and used by the issuer of such securities....

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....ndment) Regulations, 2010, w.e.f. 19.03.2010. 4 Omitted by the SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011, w.e.f 13.04.2011. Prior to its omission, clause (ei) read as under: "(ei) change of status or constitution" in relation to a credit rating agency - (i) means any change in its status or constitution of whatsoever nature; and (ii) without prejudice to generality of sub-clause (i), includes- (A) amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force; (B) change in its managing dire....