Mechanism for Sharing of Information by Credit Rating Agencies (CRAs) to Debenture Trustees (DTs)
Summary
This circular mandates that Credit Rating Agencies (CRAs) share information with Debenture Trustees (DTs) using a specified Excel template. CRAs are required to submit rating revisions daily on the same day as the revision via email or URL. The provisions apply from October 01, 2023, and compliance is monitored through half-yearly internal audits.
Text
CRAs shall use the same template for their daily submissions of rating revisions to DTs.
Such submissions shall be sent by CRAs to DTs on the same day as the day of rating revisions, on either the generic email ID being used for regulatory purposes, or email IDs/URL as may be communicated for this purpose by DTs.
The circular shall be applicable with effect from October 01, 2023, and CRAs shall report on their compliance with this circular (as ratified by their respective board of directors) to SEBI within one quarter from the date of applicability of this circular.
Monitoring of this circular shall be done in terms of the half-yearly internal audit for CRAs, mandated under Regulation 22 of the CRA Regulations and circulars issued thereunder.
Source: SecMarx — Mechanism for Sharing of Information by Credit Rating Agencies (CRAs) to Debenture Trustees (DTs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.