THE GAZETTE OF INDIA EXTRAORDINARY — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

THE GAZETTE OF INDIA EXTRAORDINARY PART -II – SECTION 3 – SUB - SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 7 th July, 1999 SECURITIES AND EXCHANGE BOARD OF INDIA (CREDIT RATING AGENCIES) REGULATIONS, 1999 S.O. 547(E) . – In exercise of the powers conferred by section 30 read with section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations, namely:- CHAPTER I PRELIMINARY Short title and commencement (1) These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999. They shall come into force on the date of their publication in the Official Gazette. Definitions (1) In these regulations, unless the context otherwise requires, - (a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) "associate", in relation to a credit rating agency, includes a person– (i) who, directly or indirectly, by himself, or in combination with relatives, owns or controls shares carrying not less than ten percent of the voting rights of the credit rating agency, or 1 [(ei) (ii) in respect of whom the credit rating agency, directly or indirectly, by itself, or in combination with other persons, owns or controls shares carrying not less than ten percent of the voting rights, or (iii) majority of the directors of which, own or control shares carrying not less than ten percent of the voting rights of the credit rating agency, or (iv)whose director, officer or employee is also a director, officer or employee of the credit rating agency; (c) "Board" means the Board as defined in clause (a) of sub-section (1) of section 2 of the Act; (d) "body corporate" means a