{"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; allowing disclosures to be used in fair assessment of Credit Rating Agencies\" \/>\n<meta property=\"og: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 property=\"og:url\" content=\"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:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-30T05:00:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies\",\"datePublished\":\"2022-08-30T05:00:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/\"},\"wordCount\":687,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MicrosoftTeams-image-111-4.jpg\",\"keywords\":[\"average rating transition rates\",\"credi trating agencies\",\"issuers non cooperating\",\"perpetual debt securities\",\"rating withdrawl\",\"SEBI\",\"sharp rating action\",\"Stock exchange\"],\"articleSection\":[\"Legislation Updates\",\"Notifications\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/\",\"name\":\"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MicrosoftTeams-image-111-4.jpg\",\"datePublished\":\"2022-08-30T05:00:13+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"description\":\"On 25-08-2022, the Securities and Exchange Board of India (\u2018SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MicrosoftTeams-image-111-4.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MicrosoftTeams-image-111-4.jpg\",\"width\":1330,\"height\":887,\"caption\":\"SEBI\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/08\\\/30\\\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_1\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies | SCC Times","description":"On 25-08-2022, the Securities and Exchange Board of India (\u2018SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/","og_locale":"en_US","og_type":"article","og_title":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies","og_description":"On 25-08-2022, the Securities and Exchange Board of India (\u2018SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies","og_url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2022-08-30T05:00:13+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/"},"author":{"name":"Bhumika Indulia","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"headline":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies","datePublished":"2022-08-30T05:00:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/"},"wordCount":687,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","keywords":["average rating transition rates","credi trating agencies","issuers non cooperating","perpetual debt securities","rating withdrawl","SEBI","sharp rating action","Stock exchange"],"articleSection":["Legislation Updates","Notifications"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/","url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/","name":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","datePublished":"2022-08-30T05:00:13+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"description":"On 25-08-2022, the Securities and Exchange Board of India (\u2018SEBI') has issued a circular on Enhanced Disclosures by Credit Rating Agencies","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","width":1330,"height":887,"caption":"SEBI"},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/sebicircular-enhanceddisclosures-creditratingagencies-ratingwithdrawal-sebicredit-rating-agenciesregulations1999-securitiesmarket-sharpratingaction-issuersnoncooperating-creditratingagencies-stockex\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"SEBI amends SEBI (CRA) Regulations, 1999; allowing disclosures to be used in fair assessment of Credit Rating Agencies"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/272622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=272622"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/272622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/264666"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=272622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=272622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=272622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}