CIRCULAR
SEBI/HO/DDHS/DDHS-POD3/P/CIR/2024/102 July 19, 2024
To
All Registered Credit Rating Agencies (CRAs),
Dear Sir/ Madam,
Sub: Enabling Credit Rating Agencies (CRAs) to undertake rating activities under
IFSCA
1. In terms of Regulation 9(f) of SEBI (Credit Rating Agencies) Regulations, 1999 (‘CRA
Regulations’), Para 25 of the Master Circular for CRAs dated May 16, 2024 provides that
CRAs may undertake the rating of financial instruments under the respective guidelines of
the financial sector regulators/ authorities. To enable CRAs to undertake rating activities
in the International Financial Services Centre - Gujarat International Finance Tech-city
(IFSC-GIFT City), International Financial Services Centres Authority (IFSCA) is hereby
added to the list of financial sector regulators/ authorities as specified in Annexure 19 of
the aforesaid Master circular.
2. In line with the above provision, it is specified that the ratings undertaken by a CRA under
the guidelines of IFSCA shall be under the purview of IFSCA. Accordingly:
2.1. Any issue arising from the activities of such SEBI registered CRAs in the IFSC shall
be dealt with by IFSCA under the powers exercisable under Section 12 and 13 of
IFSCA Act and regulations and subsidiary instructions made thereunder.
2.2. IFSCA shall be responsible for dealing with complaints, enforcement actions and
furnishing information to third parties, including statutory or judicial bodies, in respect
to the services provided by the CRAs in the IFSC.
3. The circular shall be applicable with immediate effect.
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4. This circular is issued with the approval of competent authority, in exercise of the powers
conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with
the provisions of Regulation 20 of CRA Regulations to protect the interest of investors in
securities and to promote the development of, and to regulate, the securities market.
Yours faithfully,
Sarika Kataria
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No.022-2644-9411
Email ID - sarikak@sebi.gov.in
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