Entities connected with a promoter or a rating agency not to be rated

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....r a subsidiary of its promoter or an associate of its promoter, if (a) there are any common Chairpersons, or directors between the ESG rating provider and the borrower or the subsidiary or the associate of the promoter; or (b) there are common employees between the ESG rating provider and the borrower or the subsidiary or the associate of the promoter. (2) No ESG rating provider shall, rate a....

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....ndent director) on its Board, and that the common independent director did not participate in the rating process or in the meeting of its board of directors, when the rating of such associate was discussed. Explanation. - For the purposes of this regulation, (a) "independent director" means a director who, apart from receiving remuneration as a director, does not have any other material pecunia....