TaxTMI 
TaxTMI 
Securities And Exchange Board Of India (Credit Rating Agencies) (Amendment) Regulations, 2011.
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....change 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 satisfied that the applicant is eligible, sh....
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.... 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 shall be accompanied by details of the changes that have taken pl....
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....f 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", or renewal of a certificate" shall be substituted with the words "of a certificate of permanent reg....
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.... 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 of three months from the date of notification of these regulations, as the case may be. 3. A credit rating agency who has been granted certificate of permanent regist....