Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency

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....e Board of India (SEBI) Act, 1992 read with Securities and Exchange Board of India (Intermediaries Regulations), 2008 and Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 ("CRA Regulations"), inter alia provide for cancellation, suspension or surrender of certificate of registration of a Credit Rating Agency (CRA). 2. In order to facilitate orderly migration of credit ratings of listed or proposed to be listed, non-convertible securities, securitised debt instruments, security receipts, municipal debt securities or commercial paper, and other regulated products pursuant to cancellation, suspension, or surrender of certificate of registration of a CRA to another SEBI-registered CRA, the following are hereb....

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....cess, shall - 2.2.1. return the certificate of registration so cancelled to SEBI, 2.2.2. not represent itself to be a holder of certificate for carrying out the activity for which such certificate had been granted; 2.2.3. suspend undertaking activity for which such certificate had been granted; 2.2.4. until it is wound up, continue to co-operate with SEBI on matters pertaining to the activities of the CRA undertaken by it till it held the certificate of registration under CRA Regulations; 2.2.5. make provisions as regards liability incurred or assumed by it; 2.2.6. until it is wound up, take such other action including providing any records or documents within the time period and in the ....

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.... suspended, shall not be valid during the period of suspension. 2.7. Upon cancellation or surrender or suspension of certificate of registration of a CRA, the concerned CRA's services cannot be used by listed entities or issuers for compliance with requirements of various SEBI regulations which require credit ratings from a CRA registered with SEBI. 2.8. Listed entities or issuers who have obtained credit rating from a CRA whose registration is cancelled or suspended or surrendered, desirous of obtaining credit rating for regulatory purposes, shall obtain credit rating(s) from another SEBI-registered CRA(s) holding a valid certificate of registration under CRA Regulations. 2.9. In order to facilitate the migration....