SECURITIES AND EXCHANGE BOARD OF INDIA (CREDIT RATING AGENCIES) (AMENDMENT) REGULATIONS, 2025

SEBI vide its notification dated 20 th March, 2025 (Published on 21 st March, 2025) has amended SEBI Credit Rating Agencies, Regulations, 1999 by inserting a new Chapter after Chapter II and before Chapter III:

“CHAPTER IIA - PAST RISK AND RETURN VERIFICATION AGENCY

Recognition of an eligible credit rating agency as a Past Risk and Return Verification Agency

12A. (1) Notwithstanding anything contained in these regulations, the activity of a Past Risk and Return Verification Agency as referred to in Regulation 16E of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, may be carried out by a credit rating agency, with the approval of the Board, on such terms and conditions as may be specified by the Board.

(2) The Past Risk and Return Verification Agency shall engage a recognised stock exchange as a Past Risk and Return Verification Agency Data Centre on such terms and conditions as may be specified by the Board.”

Copy of the notification has been attached for reference.

SEBI (Credit Rating Agencies) Amendement Regulations, 2025 Download