SEBI extends the timeline for implementation of Standardized industry classification by Credit Rating Agencies (CRAs).

LegalitySimplified

The Securities and Exchange Board of India on 30th September 2022, in view of representation received from CRAs, it has been decided to extend the date of applicability of the standardized industry classification to November 30th, 2022.

Further, as the standardized industry classification will be reviewed and published by Stock Exchanges on periodical basis, in view of same, the Annexure A of Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2022/42 dated April 01, 2022 stands deleted and CRAs are directed to follow the standardized industry classification published by Stock Exchanges from time to time.

Monitoring of implementation of standardized industry classification shall be done in terms of the half-yearly internal audit for CRAs, mandated under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 and circulars issued thereunder.

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