{"id":272622,"date":"2022-08-30T10:30:13","date_gmt":"2022-08-30T05:00:13","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=272622"},"modified":"2022-08-30T10:30:13","modified_gmt":"2022-08-30T05:00:13","slug":"sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/","title":{"rendered":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies"},"content":{"rendered":"
\n

   <\/p>\n

On 25-08-2022, the Securities and Exchange Board of India (‘SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies (‘CRA') and Norms on Rating Withdrawal amending the SEBI (Credit Rating Agencies) Regulations, 1999<\/a>, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market by enhancing transparency.<\/p>\n

It will be applicable to credit ratings of securities that are listed, or proposed to be listed, on a recognized stock exchange.<\/p>\n

Key Points:<\/p>\n

Methodology for Computation of Sharp Rating Action (‘SRA'): <\/p>\n

Date of applicability: FY 2022-2023<\/p>\n

    \n
  1. \n

    Vide Circular dated 13-11-2018, SEBI mandated CRAs to furnish data on SRA in investment grade rating category to Stock Exchanges and Depositories for disclosure on website on half yearly basis.<\/p>\n<\/li>\n

  2. \n

    To standardize the methodology of computation and disclosure of SRA, the CRAs have to compare 2 consecutive rating actions. To do the same, CRA has to check if the difference in credit rating between 2 consecutive press releases is more than or equal to 3 notches downward then it has to be included in the disclosure on SRAs.<\/p>\n<\/li>\n

  3. \n

    SRP on non-cooperative issuers should also be disclosed separately by CRAs.<\/p>\n<\/li>\n<\/ol>\n

    Issuers Not Cooperating (‘INC') and information required for rating:<\/p>\n

    Date of applicability: 31-03-2023<\/p>\n

      \n
    1. \n

      In continuation to the Circular dated 01-11-2022 that prescribes norms regarding policy in respect of non- co-operation by the issuer and guidelines on what constitutes non-cooperation, the CRAs will also have to provide a detailed policy of:<\/p>\n

        \n
      • \n

        Non- submission of material information of:<\/p>\n

          \n
        1. \n

          Quarterly financial results\/ performance results\/ audited financial results<\/p>\n<\/li>\n

        2. \n

          Current and past operational details- including capex plans<\/p>\n<\/li>\n

        3. \n

          Debt obligations and repayment details<\/p>\n<\/li>\n

        4. \n

          Any other issue felt appropriate by CRA as per internal assessment or as laid down by CRA in its internal policy\/ manual<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<\/li>\n

        5. \n

          A uniform practice of 3 consecutive months of non- submission of No-default Statement has to be followed by CRA, as ground for considering migrating the ratings to INC and tag such ratings as ‘INC' within a period of 7 days.<\/p>\n<\/li>\n<\/ol>\n

          Rating Withdrawal:<\/p>\n

          Date of applicability: ratings withdrawn after 30-09-022<\/p>\n

          While withdrawing any credit rating, a CRA in its press release has to assign a credit rating to such security excluding the cases where there are no outstanding obligations or the company has been wound up or merged or amalgamated with another company.<\/p>\n

          Rating Withdrawal of Perpetual Debt Securities:<\/p>\n

          Date of applicability: ratings withdrawn after 30-09-022<\/p>\n

            \n
          1. \n

            To facilitate withdrawal of ratings of perpetual debt securities that are listed or proposed to be listed on a recognized stock exchange the CRA has to revise withdrawal norms of ratings of such securities.<\/p>\n<\/li>\n

          2. \n

            The CRA has to withdraw ratings of perpetual debt securities if the CRA has:<\/p>\n

              \n
            • \n

              Rated such security continuously for 5 years<\/p>\n<\/li>\n

            • \n

              Received an undertaking from the Issuer that a rating is available on such security<\/p>\n<\/li>\n

            • \n

              Received an undertaking from other CRA that a rating is available on such security<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

              Disclosure of Average Rating Transition Rates for Long -Term Credit Ratings:<\/p>\n

              Date of applicability: Disclosures for FY 2022-2023<\/p>\n

                \n
              1. \n

                Vide circular dated 13-11-2018, SEBI mandated CRAs to disclose a rating transition matrix, where the static pool has been defined to exclude ratings that have been withdrawn or ratings of non-cooperative issuers during the financial year.<\/p>\n<\/li>\n

              2. \n

                In addition to the current disclosure of rating transitions, 2 additional and separate rating transition matrices have to be disclosed by CRAs, one shall exclude ratings that have been withdrawn or ratings of non-cooperative issuers during the financial year and the other one shall include the same.<\/p>\n<\/li>\n<\/ol>\n

                Enhanced Disclosure by CRAs:<\/p>\n

                Date of applicability: Website Disclosures made after 31-03-2023<\/p>\n

                  \n
                1. \n

                  CRAs, on their websites should provide:<\/p>\n

                    \n
                  • \n

                    disclosures in excel\/ machine readable formats and<\/p>\n<\/li>\n

                  • \n

                    archive of disclosures for at least 10 years, including the ratings press releases.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

                  • \n

                    In addition to the current disclosure on Cumulative Default Rates (‘CDR'), 2 other CDRs are to be disclosed, one where ratings of non-cooperative issuers shall be included in the cohort under the rating category in which the instrument is currently being rated and the other one where it has to be excluded.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                        On 25-08-2022, the Securities and Exchange Board of India (‘SEBI') has issued a circular on Enhanced Disclosures by Credit Rating <\/p>\n","protected":false},"author":8808,"featured_media":264666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[51300,51301,51302,51303,51304,2563,51305,37170],"class_list":["post-272622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-average-rating-transition-rates","tag-credi-trating-agencies","tag-issuers-non-cooperating","tag-perpetual-debt-securities","tag-rating-withdrawl","tag-SEBI","tag-sharp-rating-action","tag-stock-exchange"],"yoast_head":"\nSEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies | SCC Times<\/title>\n<meta name=\"description\" content=\"On 25-08-2022, the Securities and Exchange Board of India (\u2018SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI amends SEBI (CRA) Regulations, 1999; 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