Regulation 28H - Conditions of certificate - Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

1 [ Conditions of certificate 28H. The certificate granted under this chapter shall be subject to the following conditions: (a) the ESG rating provider shall comply with the provisions of the Act, the regulations made thereunder and the guidelines, directives, circulars and instructions as may be issued by the Board, from time to time; (b) the ESG rating provider shall forthwith inform the Board, in writing, if any information or particulars earlier furnished to the Board: (i) is found to be false or misleading in any material particular; or (ii) has undergone any change subsequent to its furnishing at the time of the application for a certificate. (c) in case any change in control of the ESG rating provider is proposed, the ESG rating provider shall obtain the prior approval of the Board for continuing to act as such after the change; (d) the ESG rating provider shall at all times maintain the minimum liquid net worth as required under the provisions of these regulations; (e) the ESG rating provider shall pay the requisite registration fees in the manner provided in these regulations; (f) the ESG rating provider shall meet the targets, declared at the time of its application to the Board, within the specified time: Provided that the above shall not be applicable with respect to projections on cumulative cash losses: Provided further that in case that the targets are not achieved, the ESG rating provider shall be required to contribute additional capital or take other remedial measures, as appropriate and as may be specified by the Board, within six months of the date of the corresponding target date, or other such period as may be specified by the Board; (g) the ESG rating provider does not undertake any activity or offer any product or service, except services related to ESG ratings in accordance with these regulations or such other products, services or activities as may be specified by the Board or activities incidental to such activities. ] *************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/136 dated 03-07-2023