SEBI/HO/DDHS/DDHS -PoD -3/P/CIR/2024/97

CIRCULAR SEBI/HO/DDHS/DDHS -PoD -3/P/CIR/2024/97 To , All Registered Credit Rating Agencies (CRAs) , Dear Sir/ Madam, Sub: Measures for Ease of Doing Business for Credit Rating Agencies (CRAs) – Timelines and Disclosures (Modification to Chapter III of the Master Circular for Credit Rating Agencies dated May 16, 2024) Para 28.3.3 of the Master Circular for CRAs -SEBI/HO/DDHS/DDHS -POD3/P/CIR/2024/47 dated May 16, 2024 ("Master Circular"), prescribes the timeline to be followed by CRAs for dissemination of Press Release on CRA's website and intimation of the same to Stock Exchanges/ Debenture Trustees , pursuant to rating committee meeting in respect of periodic surveillance of ratings. In order to promote Ease of Doing Business and bring about uniformity in dealing with appeals, based on consultation with stakeholders including CRAs, it has been decided to provide specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings . Accordingly, Para 28.3.3 shall stand modified as follows: Periodic surveillance July 04, 2024 * While an outer timeline of 1 working day has been specified, CRAs shall endeavor to communicate the rating to the issuer on the same day as the Rating Committee meeting. Para 31.1.2 of the Master Circular is as under: "An archive of all disclosures should be maintained by CRAs on their website, for at least 10 years. This also includes ratings press releases by CRAs " . However , the disclosures mentioned below shall be made as per the period/ frequency specified for the respective disclosure in the Master Circular: 3.1.Disclosure of list of non -cooperative issuers – Daily (Para 11.6 of the Master Circular) 3.2.Disclosures in case of rating not accepted by an issuer

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