Securities issued by certain entities, connected with a promoter, or rating agency not to be rated

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....ot to be rated 27. (1) No credit rating agency shall, rate a security issued by an entity, which is;- (a) a borrower of its promoter; or (b) a subsidiary of its promoter; or (c) an associate of its promoter, if (i) there are common Chairman, Directors between credit rating agency and these entities. (ii) there are common employees. (iii) there are common Chai....

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....ommittee, and that the common independent director did not participate in the rating process or in the meeting of its Board of Directors or in the meeting of the rating committee, when the securities rating of such associate was discussed. Explanation.─(1) For the purposes of this sub-regulation the expression 'independent director' means a director who, apart from receiving remuneration ....