SEBI/HO/DDHS/DDHS -POD3/P/CIR/2024/47 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/DDHS/DDHS -POD3/P/CIR/2024/47 To, All Registered Credit Rating Agencies, All Registered Debenture Trustees, Issuers who have listed and/or propose to list Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper Recognized Stock Exchanges, All Depositories registered with SEBI Dear Sir / Madam, Subject: Master Circular for Credit Rating Agencies Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 ("CRA Regulations") prescribes guidelines for registration of Credit Rating Agencies (CRAs), general obligations of CRAs, manner of inspection and investigation and code of conduct applicable on CRAs. Multiple circulars have been issued, over the years, covering the operational and procedural aspects thereof. In order to enable the industry and other users to have access to all the applicable circulars/ directions at one place, Master Circular for CRAs has been prepared. This Master Circular is a compilation of the existing circulars as on May 16, 2024 , with consequent changes. The stipulations contained in these circulars have been detailed chapter-wise in this master circular. Accordingly, the list of existing circulars for CRAs which have been superseded by this master Circular is placed at Annexure A . May 16, 2024 Notwithstanding such rescission- anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions