TaxTMI 
TaxTMI 
Suspension, Cancellation or Surrender of Certificate of Registration of a Credit Rating Agency
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....change 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 hereby prescribed, subject to the requirements of corresponding canc....
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....er 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 manner, as may be required under the CRA regulations or as may be directed by SEBI 2.3. Additionally, in case of suspension of the certificate of registration, the CR....
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....ssuers 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 of credit ratings as mentioned above, the following provisions of SEBI circulars issued under CRA Regulations shall not be applicable, for the concerned CRA, from the date of Order of cancellation/suspension of certificate of registration or fr....