SEBI Directs CRAs to Disclose List of Non-cooperative Issuers for Enhanced Transparency
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- Last Updated on 29 June, 2023
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Circular no. SEBI/HO/DDHS/DDHS-POD2/P/CIR/2023/ 105; Dated: 27.06.2023
The SEBI has observed that over time, a number of issuers that are non-cooperative with Credit rating agencies (CRAs) has increased, with a vast majority of issuers being unlisted and small entities.
In order to provide enhanced transparency, SEBI has directed CRAs to disclose separate lists of issuers who are non-cooperative with them for securities that are listed or proposed to be listed on a recognized stock exchange and for other ratings. Format for the same has also been prescribed.
The circular shall be applicable with effect from July 15, 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. Also, monitoring of this circular shall be done in terms of the half-yearly internal audit for CRAs.
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