SEBI provides timeline for disposal of appeals by credit rating agencies

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:

• SC explains meaning/scope of reason to believe u/s 147 and change of opinion by AO
• Registration u/s 12AB granted as activities fall under general public utility, if not education as claimed
• How a loan amount was utilised wouldn’t constitute failure to discharge onus u/s 68
• No addition based on third party information in form of unsigned excel sheet – ITAT
• Shagun money received on occasion of marriage not taxable income – ITAT