Strengthening of the rating process in respect of ‘INC’ ratings

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.... and b. default in case of unlisted debt securities i.e. NCDs and NCRPS, promptly but not later than 24 hours from the occurrence of the default. 2. In partial modification to SEBI Circular no. SEBI/ HO/ MIRSD/ MIRSD4/ CIR/ P/ 2017/ 71 dated June 30, 2017, the No Default Statement (NDS) is being aligned with the requirements of the aforementioned circular. The revised NDS is placed at Annexure A. 3. In order to further strengthen the rating process of the CRAs with regard to 'Issuer not cooperating' (INC) ratings, following directions are being issued: a. If an issuer has all the outstanding ratings as non-cooperative for more than 6 months, then the CRA shall downgrade the rating assigned to the instrument of such i....

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....ecurities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market. Yours faithfully, Surabhi Gupta General Manager Tel. No: 022-26449315 Email id: [email protected] Annexure-A: Standard Template for No Default Statement (Minimum Information be sought) To <CRA Name and Address> Dear Sir/ Madam, 1. We hereby Confirm that as on date there are no Over dues or default on our listed debt obligations. 2. We hereby Confirm that as on date there are no Over dues or default on our unlisted debt obligations....