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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

CDSL - Reiteration of SEBI Master Circular for Credit Rating Agencies (CRAs)

14-Jul-2025 | CDSL/OPS/DP/POLCY/2025/470

CDSL has reiterated the SEBI Master Circular for Credit Rating Agencies (CRAs) effective from 14 July 2025. Key Highlights are as follows: 1. All the applications for registration, processing of application, grant of final registration, application for surrender/ cancellation, submission of periodical reports, requests for change of name/ address/ other details, etc, shall be made on the SEBI Intermediary Portal (https://siportal.sebi.gov.in) which is also available at SEBI website (Para 1.1 of Chapter I). 2. A CRA shall make an application to SEBI for prior approval to the proposed change in control, along with the information/ declaration/ undertaking specified in Para 2.2. The prior approval granted by SEBI is valid for a period of 180 days from the date of communication. 3. Expected Loss (EL) based Rating Scale can be used by CRAs for ratings of projects/ instruments associated with the infrastructure sector and Municipal Bonds issued for financing infrastructure assets. 4. CRA is required to disclose the compliance status of compliance with recommendations of the International Organization of Securities Commissions (IOSCO) and its shareholding pattern under Regulation 31 of SEBI LODR Regulation, 2015. 5. A Credit Rating Agency (CRA) is required to make half-yearly disclosures within 15 days from the end of each half-year, as specified in Para 27.3. These disclosures include the credit rating history, details of defaults and rating movements, new credit ratings assigned during the last six months, and other relevant information. Kindly refer to the attached document for more information.

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