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SEBI Extends CRA Industry Classification Deadline

SEBI, India's regulatory body, extends the deadline for Credit Rating Agencies (CRAs) to implement standardized industry classifications. This move allows CRAs more time to align with the prescribed framework, enhancing transparency and consistency in credit rating assessments within various sectors.

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SEBI Extends CRA Industry Classification Deadline

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  1. SEBI Extends the Timeline for Implementing Standardised Industry Classification by CRAs

  2. On 1st December 2022, the Securities and Exchange Board of India (SEBI) issued Circular No. - SEBI/HO/DDHS/DDHS -RACPOD2/P/CIR/2022/168 in regard to the extension of the timeline of implementing standardised industry classification by Credit Rating Agencies (CRAs). SEBI has previously issued Circular No. - SEBI/HO/MIRSD/ CRADT/CIR/P/2022/42 on 1st April 2022, which advised the CRAs to implement classification by 30th September 2022. The guidelines issued were then subsequently revised via the amendments issued on Circular No. - SEBI/HO/DDHS/DD HS-RACPOD2/P/CIR/2022/134 on 30th September 2022, and the timeline for the implementation was extended to 30th November 2022. standardising industry Keeping in view of the representation that has been received from CRAs, which requests for an extension of the date of applicability of standardised industry classification, SEBI has now decided to extend the date of applicability of the standardised industry classification further till 15th December 2022. This particular Circular was issued with the approval of the appropriate authority through the exercise of powers as conferred in Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to be read with Regulation 20 of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 serving the purpose of protecting the investor's interest in securities along with promoting the development of, and regulation of the securities market. Sushree Dash Legal Researcher Official Notification Attached - here

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