TaxTMI 
TaxTMI 
Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024 (“Master Circular”)
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.... Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper Recognized Stock Exchanges, All Depositories registered with SEBI Madam/ Sir, Sub: Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024 ("Master Circular") 1. As per Annexure 11 of the Master Circular, definition of default for deb....
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.... period was introduced vide SEBI Circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/87 dated May 21, 2020, which is contained in Para 15 of the Master Circular: "15.1 After a default is cured and the payments regularized, a CRA shall generally upgrade the rating from default to non-investment grade after a period of 90 days based on the satisfactory performance by the company during this period. CRAs may d....
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....irm." 3. One of the recommendations of the Working Group of CRAs for Ease of Doing Business is to provide specific policy guidance on treatment of 'technical defaults' so that the policy is applied uniformly across CRAs. 4. In this regard, the Working Group has highlighted that the following scenarios of non-payment of debt (principal and/ or interest) may arise due to reasons beyond the control....
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.... following details to the Stock Exchanges, Depositories and Debenture Trustee on the same day as the dissemination of the rating Press Release on the CRA's website: Name of the security ISIN Amount to be paid Due date of payment Amount of payment made Amount of payment failed Reasons for failure of payment The Stock Exchanges, Depositories and Debenture Trustees shall disseminate th....