TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025
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....namely: - 1. These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, ─ (1) in regulation 2, in sub-regulation (1), in clause (m), the words "Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969)" shall be substituted with the words "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018"; (2) in regulation 28B, in sub-regulation (1), (a) in clause (e), the word "and" shall be omitt....
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....and symbol "; and"; and (c) after clause (r), the following clause shall be inserted, namely, - "(s) state on its website the financial sector regulator or authority under whose purview it undertakes ESG ratings for each product or issuer and shall comply with the applicable laws administered by such financial sector regulator or authority."; (5) after regulation 28K, the following regulation shall be inserted, namely, - "28KA. An ESG rating provider following a subscriber-pays business model shall ensure that: (a) the ESG rating assigned is based only on publicly available information; (b) The fee paid by the subscriber is the lowest fee payable or paid amongst all the subscribers, if: ....
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....data or assumptions stated in the ESG rating report, the ESG rating provider, after taking into account the said viewpoint, shall either revise the ESG rating report or issue an addendum to the ESG rating report with its remarks, for circulation to all its subscribers, as considered appropriate by the ESG rating provider; (iii) disclose the policy regarding sharing of ESG rating report with the rated entity or the issuer whose securities have been rated and the subscribers on its website; and (iv) provide a facility to the rated entity or the issuer whose securities have been rated to seek any clarification, including the ESG rating methodology or assumptions.". BABITHA RAYUDU, Exe. Director [ADVT.-III/4/Exty./42/202....
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....tions, 2006 vide S. O. No. 1454(E). h. May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide no. LAD/ NRO/GN/2008/11/126538. i. March 19, 2010 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2010 vide Notification No. LAD-NRO/GN/2009-2010/30/199044. j. April 13, 2011 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011 vide Notification No. LAD/ NRO/ GN/ 2011- 12/03/12650. k. July 5, 2011 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2011 vide Notificati....
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.... 2020 by the by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide Notification No. SEBI/LAD-NRO/GN/2020/10. t. May 5, 2021 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/23. u. August 3, 2021 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/29. v. August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30. w. January 24, 2022 by the Securities and Exc....