Securities and Exchange Board of India (Credit Rating Agencies) (Second) (Amendment) Regulations, 2003.

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....nd) (Amendment) Regulations, 2003. (ii) They shall come into force on the date of their publication in the Official Gazette, 2. In Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999- a. For the existing THIRD SCHEDULE , the following THIRD SCHEDULE shall be substituted, namely:- "THIRD SCHEDULE Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 [Regulation 13] CODE OF CONDUCT 1. A credit rating agency shall make all efforts to protect the interests of investors. 2. A credit rating agency, in the conduct of its business, shall observe high standards of integrity, dignity and fairness in the conduct of its business. 3. A credit rating agency shall fulfill....

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.... exists between any member of its rating committee participating in the rating analysis, and that of its client 11. A credit rating agency shall not make any exaggerated statement, whether oral or written, to the client either about its qualification or its capability to render certain services or its achievements with regard to the services rendered to other clients. 12. A credit rating agency shall not make any untrue statement, suppress any material fact or make any misrepresentation in any documents, reports, papers or information furnished to the Board, stock exchange or public at large. 13. A credit rating agency shall ensure that the Board is promptly informed about any action, legal proceedings etc., initiated against it al....

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.... its credit rating activity and any other activity. 19. A credit rating agency shall develop its own internal code of conduct for governing its internal operations and laying down its standards of appropriate conduct for its employees and officers in the carrying out of their duties within the credit rating agency and as a part of the industry. Such a code may extend to the maintenance of professional excellence and standards, integrity, confidentiality, objectivity, avoidance of conflict of interests, disclosure of shareholdings and interests etc. Such a code shall also provide for procedures and guidelines in relation to the establishment and conduct of Rating Committees and duties of the officers and employees serving on such Committe....