Regulation 4 - Promoter of credit rating agency - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

Promoter of credit rating agency 4. The Board shall not consider an application under regulation 3 unless the applicant is promoted by a person belonging to any of the following categories, namely: (a) a public financial institution, as defined in 2 [ section 2(72) of the Companies Act, 2013 (18 of 2013) ] ; (b) a scheduled commercial bank included for the time being in the second schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (c) a foreign bank operating in India with the approval of the Reserve Bank of India; (d) 1 [a foreign credit rating agency incorporated in a Financial Action Task Force (FATF) member jurisdiction and recognised under their law, having a minimum of five years experience in rating securities;] (e) any company or a body corporate, having continuous net worth of minimum rupees one hundred crores as per its audited annual accounts for the previous five years prior to filing of the application with the Board for the grant of certificate under these regulations. *************** NOTES:- 1 Substituted by the SEBI (Credit Rating Agencies)(Amendment) Regulations, 2018, w.e.f. 30-05-2018. Prior to its substitution, it read as a foreign credit rating agency recognised by or under any law for the time being in force in the country of its incorporation, having at least five years experience in rating securities; 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/29 dated 03-08-2021 before it was read as, section 4 A of the Companies Act, 1956 (1 of 1956)