SEBI provides specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings.
SBI has provided specific timelines for disposal and communication of appeals by CRAs against credit rating done in periodic surveillance.
SEBI’s Master Circular dated 16.05.2024 prescribes the timeline to be followed by Credit Rating Agencies (CRAs) for dissemination of Press Release on CRA’s website and intimation of the same to Stock Exchanges/Debenture Trustees, pursuant to rating committee meeting in respect of periodic surveillance of ratings.
In order to promote Ease of Doing Business and bring about uniformity in dealing with appeals, based on consultation with stakeholders including CRAs, SEBI has decided to provide specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings.
Accordingly the revised timelines applicable from 1st August 2024 are as under:
| Scenario |
Timeline-immediately but not later than
|
|
Communication of the rating to the issuer
|
1 working day of the Rating Committee meeting
|
|
Request for review/appeal of rating by the Issuer
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3 working days of the Rating Committee meeting
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Dissemination of Press Release on CRA’s website and intimation of the same to Stock Exchange/Debenture Trustee
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7 working days of the Rating Committee meeting
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