Enhanced Governance Norms for Credit Rating Agencies (CRAs)

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.... order to further enhance governance and accountability of Credit Rating Agencies (CRAs), the following directions are being issued: 1. In partial modification of para 3B of Annexure A of SEBI circular No. SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dated November 1, 2016 regarding MD/CEO being a member of rating committee, it has been decided that: A. MD/CEO of a CRA shall not be a member of ....

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....ll record minutes of the meeting with issuer management and incorporate it in the rating committee note. 3. CRAs shall meet the audit committee of the rated entity, at least once in a year, to discuss issues including related party transactions, internal financial control and other material disclosures made by the management, which have a bearing on rating of the listed NCDs. 4. This circula....