## Report on the Securities and Exchange Board of India (SEBI) Credit Rating Agencies Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Credit Rating Agencies Amendment Regulations, 2021. The amendment, effective from the date of its publication in the Official Gazette (August 3, 2021), primarily aims to update references to reflect changes in relevant legislation, notably replacing references to the Companies Act, 1956 with the Companies Act, 2013. Additionally, it clarifies the purview of financial sector regulators concerning ratings undertaken under their guidelines and alters the scope of complaints that SEBI investigates. The core purpose is to ensure regulatory consistency and clarity for Credit Rating Agencies (CRAs) operating within the Indian financial market.
**2. Introduction:**
This report provides a detailed overview of the Securities and Exchange Board of India (SEBI) Credit Rating Agencies Amendment Regulations, 2021, based solely on the provided policy text. It aims to inform stakeholders about the changes introduced and their potential implications.
**3. Policy Overview:**
* This report focuses on an **amendment** to the Securities and Exchange Board of India Credit Rating Agencies Regulations, 1999.
* **Core Objective(s):** Based on the provided text, the amendment aims to:
* Update references to the Companies Act to reflect the enactment of the Companies Act, 2013.
* Clarify the jurisdiction of financial sector regulators over ratings conducted under their guidelines.
* Refine the scope of complaints that SEBI investigates concerning the activities of CRAs.
**4. Background and Rationale:**
The primary reason for this amendment appears to be the need to update the regulatory framework to reflect the enactment of the Companies Act, 2013, replacing the Companies Act, 1956. This ensures that the regulations remain current and aligned with the prevailing legal landscape. Furthermore, the clarification regarding the purview of financial sector regulators suggests an intention to avoid regulatory overlap and streamline oversight of credit rating activities. The amendment to regulation 29, subregulation 2, clause c indicates an intention to ensure SEBI's oversight is focused on securities listed or proposed to be listed on a stock exchange recognized by the Board.
**5. Key Provisions / Changes:**
The amendment introduces several specific changes to the Securities and Exchange Board of India Credit Rating Agencies Regulations, 1999:
* **Regulation 2(1):**
* **Change:** Replaces references to specific clauses and sections of the Companies Act, 1956 with corresponding clauses and sections of the Companies Act, 2013.
* **Effect:** Updates the regulatory framework to reflect the current Companies Act, maintaining legal accuracy.
* **Change:** Replaces the reference to "Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 1997" with "regulations framed under clause h of sub-section 2 of section 11 of the Act."
* **Effect:** Broadens the scope to include any relevant regulations concerning substantial acquisition of shares and takeovers.
* **Change:** In clause (h), replaces the words "offered by way of public or rights issue" with "that are listed or proposed to be listed on a stock exchange recognized by the Board".
* **Effect:** Narrows the scope of the clause to only those securities that are listed or proposed to be listed on a stock exchange recognized by the Board.
* **Change:** In clause (t), replaces references to section 6 of the Companies Act, 1956 with section 277 of the Companies Act, 2013.
* **Effect:** Updates the regulatory framework to reflect the current Companies Act, maintaining legal accuracy.
* **Regulation 2(2):**
* **Change:** Substitutes the entire subregulation with a statement clarifying that undefined terms in the regulations, but defined in other relevant Acts or regulations (e.g., Securities Contracts Regulation Act, Companies Act), will have the same meanings assigned to them in those sources.
* **Effect:** Enhances clarity and consistency in interpreting the regulations by cross-referencing definitions from other relevant legal documents.
* **Regulation 4(a) & 5(a):**
* **Change:** Replaces references to sections of the Companies Act, 1956 with corresponding sections of the Companies Act, 2013.
* **Effect:** Updates the regulatory framework to reflect the current Companies Act, maintaining legal accuracy.
* **Regulation 9(f):**
* **Change:** Replaces the words "offered by way of public or rights issue" with the words "that are listed or proposed to be listed on a stock exchange recognized by the Board."
* **Effect:** Narrows the scope of the clause to only those securities that are listed or proposed to be listed on a stock exchange recognized by the Board.
* **Change:** Inserts an explanation clarifying that ratings undertaken under the guidelines of financial sector regulators fall under their purview.
* **Effect:** Clearly delineates regulatory responsibilities, preventing potential conflicts and ensuring efficient oversight.
* **Regulation 29(2)(c):**
* **Change:** Substitutes the clause to limit the scope of SEBI's investigation of complaints to matters related to the rating of securities listed or proposed to be listed on a stock exchange recognized by the Board.
* **Effect:** Focuses SEBI's investigative efforts on complaints directly related to listed securities, optimizing resource allocation and potentially reducing the regulatory burden on CRAs for non-listed securities.
**6. Target Audience and Stakeholders:**
Based on the provided text, the primary target audience and stakeholders affected by these amendments are:
* Credit Rating Agencies (CRAs) operating in India.
* Issuers of securities listed or proposed to be listed on a stock exchange recognized by the Board.
* Investors in securities rated by CRAs.
* Financial sector regulators and authorities.
* Securities and Exchange Board of India (SEBI).
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** Securities and Exchange Board of India (SEBI) is responsible for implementing and enforcing these amendments.
* **Timelines:** The amendments are effective from the date of their publication in the Official Gazette (August 3, 2021).
* **Procedures:** CRAs will need to update their internal processes and documentation to reflect the changes introduced by the amendments, particularly regarding the Companies Act references and complaint handling procedures. CRAs may need to ensure regulatory compliance with the guidelines of financial sector regulators where applicable.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments are:
* Enhanced regulatory clarity and consistency for CRAs.
* Improved alignment of the regulatory framework with current legislation (Companies Act, 2013).
* Streamlined oversight of credit rating activities by clarifying the roles of SEBI and other financial sector regulators.
* Greater focus of SEBI's oversight on the ratings of securities listed or proposed to be listed on a stock exchange recognized by the Board.
* Potential reduction in the regulatory burden on CRAs for non-listed securities.
**9. Conclusion:**
The Securities and Exchange Board of India Credit Rating Agencies Amendment Regulations, 2021, represents a significant update to the regulatory framework governing CRAs in India. By updating legislative references, clarifying regulatory responsibilities, and refining the scope of SEBI's oversight, these amendments aim to promote a more efficient, consistent, and transparent credit rating environment. The changes are particularly significant for CRAs and issuers of securities, requiring them to adapt their practices to ensure compliance with the updated regulations.
Key Entities Referenced
Securities and Exchange Board of India: A regulatory body in India.
Securities and Exchange Board of India Act, 1992: An act of the Indian Parliament.
Securities and Exchange Board of India Credit Rating Agencies Regulations, 1999: Regulations pertaining to credit rating agencies issued by the Securities and Exchange Board of India.
Securities and Exchange Board of India Credit Rating Agencies Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Credit Rating Agencies Regulations, 1999.
Mumbai: City in Maharashtra, India. Location of the notification.
Companies Act, 1956: An act related to companies.
Companies Act, 2013: An act related to companies.
Securities Contracts Regulation Act, 1956: An act related to securities contracts.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 1997: Regulations pertaining to substantial acquisition of shares and takeovers by the Securities and Exchange Board of India.
AJAY TYAGI: Chairman of Securities and Exchange Board of India.
Securities Appellate Tribunal: Tribunal to hear appeals against orders passed by SEBI
New Delhi: Capital of India. Location of publication.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-03082021-228699
xxxGIDHxxx
CG-DL-E-03082021-228699
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 309] नई ददल्ली, मगं लिार, अगस्ट्त 3, 2021/श्रािण 12, 1943
No. 309] NEW DELHI, TUESDAY, AUGUST 3, 2021/SHRAVANA 12, 1943
भारतीय प्रजतभजू त और जिजनमय बोडड
अजधसचू ना
मुम्बई, 3 अगस्ट् त, 2021
भारतीय प्रजतभजू त और जिजनमय बोडड
(साख जनधारड ण एजजें सया)ाँ (सिं ोधन) जिजनयम, 2021
स.ं सेबी/एलएडी-एनआरओ/जीएन/2021/29.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992
(1992 का 15) की धारा 11 के साथ पठठत धारा 30 के तहत प्रदान की गई िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय
प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) जिजनयम, 1999 का संिोधन करने के जलए जनम्नजलजखत जिजनयम
बनाता ह,ै अथाडत:् -
1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन) जिजनयम, 2021
कहा जा सकेगा ।
2. िे राजपत्र में उनके प्रकािन की तारीख को लाग ूहोंगे ।
3. भारतीय प्रजतभूजत और जिजनमय बोड ड (साख जनधाडरण एजेंजसयााँ) जिजनयम, 1999 में,-
I. जिजनयम 2 में, उप-जिजनयम (1) म,ें
4272 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
i. खंड (घ) म,ें िब्द, जचह्न और अंक “कंपनी अजधजनयम, 1956 (1956 का 1) की धारा 2 के खण्ड
(7)”, िब्दों, जचह्नों और अंकों “कंपनी अजधजनयम, 2013 (2013 का 18) की धारा 2 के खंड (11)”
स े प्रजतस्ट्थाजपत हो जाएंगे।
ii. खंड (ङii) जनम्नजलजखत स े प्रजतस्ट्थाजपत हो जाएगा, अथाडत,् -
“(ङii) जनगजमत जनकाय (बॉडी कारपोरेट) होन े के नाते साख जनधाडरण एजेंसी (क्रेजडट रेटटग एजेंसी)
के संबंध म,ें “जनयंत्रण म ेंपठरितडन” का अथड ह:ै-
(i) यदद उसके िेयर दकसी मान्यताप्राप्त स्ट्टॉक एक्सचेंज म ें सूचीबद्ध (जलजस्ट्टड) हों, तो ऐसे म ें
जनयंत्रण म ें पठरितडन का िही अथड होगा जो अजधजनयम की धारा 11 की उप-धारा (2) के खंड
(ज) के तहत बनाए गए जिजनयमों म ें इसके जलए ददया हुआ ह;ै
(ii) दकसी दसू रे मामले म,ें जनगजमत जनकाय के जनयंत्रक जहत (कंरोललग इंटरेस्ट्ट) म ें पठरितडन ।
स्ट्पष्टीकरण: उप-खंड (ii) के प्रयोजनाथड, िब्दों “जनयंत्रक जहत” का अथ ड ह ै - ऐसा कोई प्रत्यक्ष या
अप्रत्यक्ष जहत, जजससे जनगजमत जनकाय म ें कम स े कम इक्यािन प्रजतित तक के मताजधकार जमल जाए;ं ”
iii. खंड (छ) म,ें िब्द, जचह्न और अंक “कंपनी अजधजनयम, 1956 (1956 का 1)”, िब्दों, जचह्नों और
अंकों “कंपनी अजधजनयम, 2013 (2013 का 18)” स े प्रजतस्ट्थाजपत हो जाएंग े ।
iv. खंड (ज) जनम्नजलजखत स े प्रजतस्ट्थाजपत हो जाएगा, अथाडत,् -
“(ज) क्रेजडट रेटटग एजेंसी” (साख जनधाडरण एजेंसी) का अथ ड ह ै – ऐसा जनगजमत जनकाय (बॉडी
कारपोरेट), जो बोडड द्वारा मान्यताप्राप्त स्ट्टॉक एक्सचेंज में सूचीबद्ध (जलजस्ट्टड) प्रजतभूजतयों
(जसक्यूठरटीज़) या सूचीबद्ध होने के जलए प्रस्ट्ताजित प्रजतभूजतयों की रेटटग का कामकाज कर रहा हो,
या कामकाज करने का प्रस्ट्ताि कर रहा हो ।”
v. खंड (न) म,ें िब्द, जचह्न और अंक “कंपनी अजधजनयम, 1956 (1956 का 1) की धारा 6”, िब्दों,
जचह्नों और अंकों “कंपनी अजधजनयम, 2013 (2013 का 18) की धारा 2(77)” स े प्रजतस्ट्थाजपत हो
जाएंगे ।
II. जिजनयम 2 में, उप-जिजनयम (2) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, अथाडत-्
“(2) इन जिजनयमों म ें उपयोग दकए गए और अपठरभाजित, ककतु अजधजनयम, प्रजतभूजत संजिदा
(जिजनयमन) अजधजनयम, 1956 [जसक्यूठरटीज़ कॉण्रैक््स (रेग्यूलेिन) एक्ट, 1956] (1956 का 42),
कंपनी अजधजनयम, 2013 (2013 का 18), अथिा उनके तहत बनाए गए जनयमों या जिजनयमों
(रेग्यलू ेिन्स) म ें पठरभाजित िब्दों और पदों के िही अथ ड होंगे जो, यथाजस्ट्थजत, उन अजधजनयमों, उनके
तहत बनाए गए जनयमों या जिजनयमों या उनके दकसी कानूनी संिोधन या उनकी पुन:अजधजनयजमजत म ें
क्रमि: उनके जलए ददए हुए हों ।”
III. जिजनयम 4 में, खंड (क) म,ें िब्द, जचह्न और अंक “कंपनी अजधजनयम, 1956 (1956 का 1) की धारा
4क”, िब्दों, जचह्नों और अकं ों “कंपनी अजधजनयम, 2013 (2013 का 18) की धारा 2(72)” स े
प्रजतस्ट्थाजपत हो जाएंगे ।
IV. जिजनयम 5 में, खंड (क) म,ें िब्द, जचह्न और अंक “कंपनी अजधजनयम, 1956”, िब्दों, जचह्नों और अंकों
“कंपनी अजधजनयम, 2013 (2013 का 18)” स े प्रजतस्ट्थाजपत हो जाएंगे ।
V. जिजनयम 9 में,
i. खंड (च) म,ें िब्द और जचह्न “सािडजजनक जनगडम (पजब्लक इश्यू) या साजधकार जनगडम (राइ्स
इश्य)ू के माध्यम स े प्रस्ट्ताजित”, िब्दों और जचह्नों “बोडड द्वारा मान्यताप्राप्त स्ट्टॉक एक्सचेंज म ें
सूचीबद्ध (जलजस्ट्टड) प्रजतभूजतयों (जसक्यूठरटीज़) या सूचीबद्ध होने के जलए प्रस्ट्ताजित” स े
प्रजतस्ट्थाजपत हो जाएंगे ।
ii. खंड (च) के परंतुक स े पूिड, जनम्नजलजखत अंत:स्ट्थाजपत दकया जाएगा,-[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 3
“स्ट्पष्टीकरण:- इस खंड के प्रयोजनाथड, जित्तीय क्षत्रे के जिजनयामक (रेग्यूलेटर) या प्राजधकरण
(अथॉठरटी) के संबंजधत ददिाजनदेिों के तहत क्रेजडट रेटटग एजेंसी (साख जनधाडरण एजेंसी) द्वारा दी
गई रेटटग संबंजधत जित्तीय क्षत्रे के जिजनयामक या प्राजधकरण के दायरे म ेंआएंगी ।”
VI. जिजनयम 29 म,ें उप-जिजनयम (2) म,ें खंड (ग) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, अथाडत,् -
“(ग) क्रेजडट रेटटग एजेंसी (साख जनधाडरण एजेंसी) के कामकाज से संबंजधत दकसी मामले के संबंध म ें
जनिेिकों, ग्राहकों या दकसी अन्य व्यजि स े प्राप्त जिकायतों का अन्िेिण (की तहकीकात) करना, जहााँ तक
दक ऐसी जिकायतें बोडड द्वारा मान्यताप्राप्त स्ट्टॉक एक्सचेंज म ें सूचीबद्ध (जलजस्ट्टड) प्रजतभूजतयों
(जसक्यूठरटीज़) या सूचीबद्ध होने के जलए प्रस्ट्ताजित प्रजतभूजतयों की रेटटग से संबंजधत हों;”
अजय त्यागी, अध्यक्ष
[जिज्ञापन III/4/असा./174/2021-22]
पाद ठटप्पण :
1. मूल जिजनयम, भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) जिजनयम, 1999 भारत के
राजपत्र म ें प्रकाजित तारीख 7 जुलाई 1999 की का.आ. सं. 547(अ) के अधीन जारी हुए थ े।
2. भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) जिजनयम, 1999 तत्पश्चात,् -
(क) 28 माच ड 2000 को का.आ. स.ं 278(अ) द्वारा राजपत्र म ें प्रकाजित भारतीय प्रजतभूजत और जिजनमय बोडड
(प्रजतभूजत अपीलीय न्यायाजधकरण को अपील) (संिोधन) जिजनयम, 2000 द्वारा
(ख) 29 मई 2001 को, भारतीय प्रजतभूजत और जिजनमय बोड ड (मध्यिर्ततयों द्वारा जिजनधान सलाह)
(संिोधन) जिजनयम, 2001, का.आ. स.ं 476(अ), द्वारा
(ग) 27 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजनमय बोड ड (जांच अजधकारी द्वारा जांच करन े और
िाजस्ट्त अजधरोजपत करन ेके जलए प्रदक्रया) जिजनयम, 2002, का.आ. स.ं 1045(अ), द्वारा
(घ) 19 फरिरी 2003 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन)
जिजनयम, 2003, का.आ. स.ं 203(अ), द्वारा
(ङ) 1 अिूबर 2003 को भारतीय प्रजतभजू त और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (दसू रा संिोधन)
जिजनयम, 2003, का.आ. स.ं 1160(अ), द्वारा
(च) 10 माचड 2004 को भारतीय प्रजतभूजत और जिजनमय बोडड (उपयुि तथा उजचत व्यजि के जलए मानदंड)
जिजनयम, 2004, का.आ. स.ं 398(अ), द्वारा
(छ) 7 जसतम्बर 2006 को भारतीय प्रजतभूजत और जिजनमय बोड ड (साख जनधाडरण एजेंजसयााँ) (संिोधन)
जिजनयम, 2006, का.आ. स.ं 1454(अ), द्वारा
(ज) 26 मई 2008 को भारतीय प्रजतभूजत और जिजनमय बोडड (मध्यिती) जिजनयम, 2008, स.ं एलएडी/
एनआरओ/जीएन/2008/11/126538, द्वारा
(झ) 19 माच ड 2010 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन)
जिजनयम, 2010, अजधसूचना स.ं एलएडी/एनआरओ/जीएन/2009-2010/30/199044, द्वारा
(ञ) 13 अप्रलै 2011 को भारतीय प्रजतभूजत और जिजनमय बोड ड [कुछ मध्यिर्ततयों (इंटरमीजडयरीज़) के
रजजस्ट्रीकरण की ितों म ें पठरितडन] (संिोधन) जिजनयम, 2011, अजधसूचना स.ं एलएडी/एनआरओ/
जीएन/2011-12/03/12650, द्वारा
(ट) 5 जुलाई 2011 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन)
जिजनयम, 2011, अजधसूचना स.ं एलएडी/एनआरओ/जीएन/2011-12/10/21232, द्वारा
(ठ) 27 ददसम्बर 2011 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (दसू रा
संिोधन) जिजनयम, 2011, अजधसूचना सं. एलएडी-एनआरओ/जीएन/2011-12/31/39022, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(ड) 8 ददसम्बर 2016 को भारतीय प्रजतभूजत और जिजनमय बोड ड [कुछ मध्यिर्ततयों (इंटरमीजडयरीज़) के
रजजस्ट्रीकरण की ितों म ें पठरितडन] (संिोधन) जिजनयम 2016, अजधसूचना स.ं सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2016-17/023, द्वारा
(ढ) 23 मई 2014 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का संदाय) (संिोधन) जिजनयम, 2014,
अजधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/03/1089, द्वारा
(ण) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का भुगतान और भुगतान का माध्यम)
(संिोधन) जिजनयम, 2017, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/037
(तारीख 29 माच,ड 2017 की अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/038 के
साथ पठठत), द्वारा
(त) 30 मई 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन) जिजनयम,
2018, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018-15, द्वारा
(थ) 11 जसतम्बर 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (दसू रा
संिोधन) जिजनयम, 2018, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/36, द्वारा
(द) 23 जसतम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एजेंजसयााँ) (संिोधन)
जिजनयम, 2019, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/34, द्वारा
(ध) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम,
2020, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/10, द्वारा
(न) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भुगतान और भुगतान का माध्यम)
(संिोधन) जिजनयम, 2021, अजधसूचना स.ं सेबी/एलएडी-एनआरओ/जीएन/2021/23, द्वारा
संिोजधत हुए थ े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 3rd August, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (CREDIT RATING AGENCIES)
(AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/29.—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 Board hereby makes
the following regulations to amend the Securities and Exchange Board of India (Credit Rating Agencies)
Regulations, 1999, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, ─
I. in regulation 2, in sub-regulation (1),
i. in clause (d), the words and symbols ―clause (7) of section 2 of the Companies Act, 1956 (1 of
1956)‖ shall be replaced with the words and symbols ―clause (11) of section 2 of the Companies
Act, 2013 (18 of 2013)‖
ii. in clause (eii), in sub-clause (i), the words and symbols ―Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997‖ shall be replaced with the
words and symbols ―regulations framed under clause (h) of sub-section (2) of section 11 of the
Act‖[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 5
iii. in clause (g), the words and symbols ―Companies Act, 1956 (1 of 1956)‖ shall be replaced with
the words and symbols ―Companies Act, 2013 (18 of 2013)‖
iv. in clause (h), the words ―offered by way of public or rights issue‖ shall be replaced with the
words ―that are listed or proposed to be listed on a stock exchange recognized by the Board‖
v. in clause (t), the words and symbols ―section 6 of the Companies Act, 1956 (1 of 1956)‖ shall be
replaced with the words and symbols ―section 2(77) of the Companies Act, 2013 (18 of 2013)‖.
II. in regulation 2, sub-regulation (2) shall be substituted with the following namely─
―The words and expressions used and not defined in these regulations but defined in the Act, the
Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Companies Act, 2013 (18 of
2013), or any rules or regulations made thereunder shall have the same meanings respectively
assigned to them in those Acts, rules or regulations made thereunder or any statutory
modification or re-enactment thereto, as the case may be.‖.
III. in regulation 4, in clause (a), the words and symbols ―section 4A of the Companies Act, 1956 (1
of 1956)‖ shall be replaced with the words and symbols ―section 2(72) of the Companies Act,
2013 (18 of 2013)‖.
IV. in regulation 5, in clause (a), the words and symbols ―Companies Act, 1956‖ shall be replaced
with the words and symbols ―Companies Act, 2013 (18 of 2013)‖.
V. in regulation 9,
i. in clause (f), the words ―offered by way of public or rights issue‖ shall be replaced with the
words ―that are listed or proposed to be listed on a stock exchange recognized by the Board‖
ii. before the proviso to clause (f), the following shall be inserted ─
―Explanation: ─ For the purposes of this clause, the ratings undertaken by a credit rating
agency under the respective guidelines of a financial sector regulator or authority shall be under
the purview of the respective financial sector regulator or authority.‖.
VI. in regulation 29, in sub-regulation (2), clause (c) shall be substituted with the following
namely─
―(c) to investigate into complaints received from investors, clients or any other person on any
matter having a bearing on activities of credit rating agency in so far as the complaints relate to
the rating of securities that are listed or proposed to be listed on a stock exchange recognized by
the Board;‖.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./174/2021-22]
Footnotes:
1. The principal regulations, Securities and Exchange Board of India (Credit Rating Agencies)
Regulations, 1999 were issued under S.O. No. 547 (E) dated July 7, 1999 published in the Gazette of
India.
2. The Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 were
subsequently amended on,-
(a) March 28, 2000 by the Securities and Exchange Board of India (Appeal to Securities Appellate
Tribunal) (Amendment) Regulations, 2000 published in Official Gazette vide S.O. No. 278(E).
(b) May 29, 2001, by the Securities and Exchange Board of India (Investment Advice by
Intermediaries) (Amendment) (Regulations), 2001 vide S.O. No. 476 (E).
(c) September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding
Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide No. S.O. No.1045
(E).6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(d) February 19, 2003 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2003 vide S.O. No. 203 (E).
(e) October 1, 2003 by the Securities and Exchange Board of India (Credit Rating Agencies)
Second Amendment) Regulations, 2003 vide S.O. No. 1160 (E).
(f) March 10, 2004 by Securities and Exchange Board of India (Criteria for Fit and Proper Person)
Regulations, 2004 vide S. O. No. 398 (E).
(g) September 7, 2006 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2006 vide S. O. No. 1454(E).
(h) May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008
vide no. LAD/ NRO/GN/2008/11/126538.
(i) March 19, 2010 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2010 vide Notification No. LAD-NRO/GN/2009-2010/30/199044.
(j) April 13, 2011 by the Securities and Exchange Board of India (Change in Conditions of
Registration of Certain Intermediaries) (Amendment) Regulations, 2011 vide Notification No.
LAD/ NRO/ GN/ 2011-12/03/12650.
(k) July 5, 2011 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2011 vide Notification No. LAD/NRO/GN/2011- 12/10/21232.
(l) December 27, 2011 by the Securities and Exchange Board of India (Credit Rating
Agencies) (Second Amendment) Regulations, 2011 vide Notification No. LAD/NRO/
GN/2011-12/31/39022.
(m) May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2014 vide notification no. LAD-NRO/GN/2014-
15/03/1089.
(n) December 08, 2016 by the Securities and Exchange Board of India (Change in Conditions of
Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide Notification No.
SEBI/LAD/NRO/GN/2016-17/023.
(o) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-
17/037 read with notification no. SEBI/LAD/NRO/GN/2016-17/38 dated March 29, 2017.
(p) May 30, 2018 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2018 vide Notification No. SEBI/LAD-NRO/GN/2018-15.
(q) September 11, 2018 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Second Amendment) Regulations, 2018 vide Notification No. SEBI/LAD-NRO/GN/2018/36.
(r) September 23, 2019 by the Securities and Exchange Board of India (Credit Rating Agencies)
(Amendment) Regulations, 2019 vide Notification No. SEBI/LAD-NRO/GN/2019/34.
(s) April 17, 2020 by the by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2020 vide Notification No. SEBI/LAD-NRO/GN/2020/10.
(t) May 05, 2021 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/23.
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and Published by the Controller of Publications, Delhi-110054.