The International Financial Services Centres Authority (IFSCA) on October 01, 2024, issued the Master Circular for Credit Rating Agencies.
The following has been stated namely: -
• It shall supersede all the circulars and guidelines issued by SEBI (before October 01, 2020) regarding credit rating agencies registered with the Authority in accordance with the provisions of regulation 73(5) of the CMI Regulations.
• It states that an entity desirous of seeking registration as a Credit Rating Agency with the Authority shall file an application through the SWIT System.
• It states that CRAs registered under the CMI Regulations shall conduct credit ratings, sovereign ratings, ESG ratings, valuation services, research, rating assessments, monitoring agency functions, advisory services, and any other activities authorized by the Authority.
• It states that the CRA shall submit reports to the Authority every quarter following the requirements specified under the circular titled Reporting Norms for Capital Market Intermediaries dated February 08, 2024.
Kindly refer to the attached document for the detailed circular.
[Circular no. - IFSCA-PLNP/40/2024-Capital Markets]
