TaxTMI 
TaxTMI 
Strengthening of the rating process in respect of ‘INC’ ratings
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....2019/140 dated November 21, 2019 mandated listed companies to make public disclosure on stock exchanges of: a. default in payment of interest/installment obligations on loans, including revolving facilities like cash credit, from banks/financial institutions which continues beyond 30 days and b. default in case of unlisted debt securities i.e. NCDs and NCRPS, promptly but not later than 24 h....
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....all assign any new ratings to such issuer until the issuer resumes cooperation or the rating is withdrawn. b. The withdrawal norms for the ratings have been stipulated vide Circular no. SEBI/HO/ MIRSD/DOP2/CIR/P/2018/95 dated June 06, 2018. However, in case of multiple ratings on an instrument (where there is no regulatory mandate for multiple ratings), a CRA may withdraw a rating earlier than s....
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.... 5. This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities 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 Ma....
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....e of delay in servicing of debt obligations guaranteed by us. 6. We hereby Confirm that as on date there are no Over dues or default on payment of interest/installment obligations on loans from banks/financial institutions which continues beyond 30 days. 7. We hereby Confirm that as on date there are no Over dues or default on revolving facilities like cash credit, from banks/financial institu....