CRA’s directed to issue list of non-cooperative issuers


SEBI vide circular dated June 27, 2023, considering the increase in no. of issuers non-cooperative to Credit Rating Agencies and to provide enhanced transparency and information regarding non- cooperative issuers to various stakeholders, market participants and investors, has directed credit rating agencies to disclose two lists of issuers who are non-cooperative with the CRA, separately for:

  1. Securities that are listed, or proposed to be listed, on a recognized stock exchange, and;
  2. Other ratings.

This circular shall be applicable with effect from July 15, 2023 and the 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.

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