IFSCA directions to credit rating agencies

IFSCA on July 25, 2024 has clarified that a CRA registered with SEBI, desirous of providing rating services in the IFSC, shall apply for registration with IFSCA in accordance with the requirements provided under the IFSCA (Capital Market Intermediaries) Regulations, 2021 (“CMI Regulations”), as amended from time to time. The activities of the CRAs operating in the IFSC shall be subject to the requirements in the IFSCA Act, 2019, CMI Regulations and other applicable regulations and circulars notified by IFSCA from time to time.

It is further it is hereby specified that a Credit Rating Agency which has obtained a certificate of registration from the Authority may also undertake the valuation of assets of the schemes under IFSCA (Fund Management) Regulations, 2022.