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TMI BlogSecurities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025X X X X Extracts X X X X X X X X Extracts X X X X ..... lations may be called the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, ─ (1) in regulation 2, in sub-regulation (1), in clause (m), the words "Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969)" shall be substituted with the words "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018"; (2) in regulation 28B, in sub-regulation (1), (a) in clause (e), the word "and" shall be omitted; (b) in clause (f), the symbol "." shall be su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctor regulator or authority under whose purview it undertakes ESG ratings for each product or issuer and shall comply with the applicable laws administered by such financial sector regulator or authority."; (5) after regulation 28K, the following regulation shall be inserted, namely, - "28KA. An ESG rating provider following a subscriber-pays business model shall ensure that: (a) the ESG rating assigned is based only on publicly available information; (b) The fee paid by the subscriber is the lowest fee payable or paid amongst all the subscribers, if: (i) the rated entity or issuer is a subscriber itself; or (ii) the group company or associate of an entity is a subscriber to the ESG rating of such entity or the securities issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o all its subscribers, as considered appropriate by the ESG rating provider; (iii) disclose the policy regarding sharing of ESG rating report with the rated entity or the issuer whose securities have been rated and the subscribers on its website; and (iv) provide a facility to the rated entity or the issuer whose securities have been rated to seek any clarification, including the ESG rating methodology or assumptions.". BABITHA RAYUDU, Exe. Director [ADVT.-III/4/Exty./42/2025-26] Footnotes: 1. The Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 were issued under S.O. No. 547 (E) dated July 7, 1999 published in the Gazette of India. 2. The Securities and Exchange Board of India (Credit Rating Agenci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. LAD-NRO/GN/2009-2010/30/199044. j. April 13, 2011 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011 vide Notification No. LAD/ NRO/ GN/ 2011- 12/03/12650. k. July 5, 2011 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2011 vide Notification No. LAD/NRO/GN/2011-12/10/21232. l. December 27, 2011 by the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2011 vide Notification No. LAD/NRO/GN/2011-12/31/39022. m. May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India (Credit Rating Agencies) (Amendment) Regulations, 2021 vide Notification No. SEBI/LAD-NRO/GN/2021/29. v. August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30. w. January 24, 2022 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2022, vide No. SEBI/LAD-NRO/GN/2022/69. x. January 17, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023, vide No. SEBI/LAD-NRO/GN/2023/115. y. July 3, 2023 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2023, vide No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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