Securities And Exchange Board Of India (Credit Rating Agencies) (Amendment) Regulations, 2011.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alled the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2011. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In regulation 2, in clause (e), the words "registration granted or renewed" shall be substituted with the words "initial or permanent registration granted". 4. In regulation 3, - (i) in the marginal note, after the word "certificate" the words "of initial registration" shall be inserted; (ii) in sub-regulation (1), after the words "certificate of" the word "initial" shall be inserted. 5. Regulation 8 shall be substituted with the following, namely: - "8. Grant of certificate of initial registration. (1) The Board, on being s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rant of a certificate of permanent registration in Form A. (2) The credit rating agency who has already been granted a certificate of registration by the Board and has completed a period of five years, on the date of commencement of the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2011, may, three months before the expiry of validity of certificate of registration or before, make an application for grant of a certificate of permanent registration in Form A. (3) An application under sub-regulation (1) or sub-regulation (2) shall be accompanied by non-refundable application fee as specified in the Second Schedule. (4) The application for grant of a certificate of permanent registration shal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the words "should not be granted or renewed" shall be substituted with the words "of initial or permanent registration should not be granted"; (ii) in sub-regulation (2), the words "or not to renew the certificate" shall be substituted with the words and sign "certificate of initial or permanent registration, as the case may be,"; 10. In regulation 12, - (i) sub-regulation (1) shall be substituted with the following sub-regulation, namely: - "(1) A credit rating agency whose application for grant of a certificate of permanent registration has been refused by the Board, on and from the date of the receipt of the communication, shall cease to undertake any credit rating activity." (ii) in sub-regulation (4), the words",....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gencies referred under sub-regulation (3) of regulation 8 Rs. 6,66,700 4. Permanent registration fee (for every three years) Rs. 10,00,000 (iii) Part B shall be substituted with the following, namely: "1. A credit rating agency who has been granted certificate of initial registration under regulation 8(1), shall pay fees, as specified under item 2 of Part A, within fifteen days from the date of receipt of intimation from the Board. 2. A credit rating agency referred to under sub- regulation (3) of regulation 8, shall pay fee, as specified under item 3 of Part A, within a period of three months before completion of the period of three years from the date of grant of certificate of initial registration, or within a period....