Periodical Report Grant of prior approval to Credit Rating Agencies

CIR/MIRSD/8/2011 June 17, 2011

To

All Credit Rating Agencies Registered with SEBI

Dear Sir/Madam,

Subject: Periodical Report Grant of prior approval to Credit Rating Agencies

1) SEBI (Credit Rating Agencies) Regulations, 1999 {hereinafter referred to as “the saidRegulations”}, have been amended vide notification no. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as “the said amendment”}, acopy of which is available on SEBI website www.sebi.gov.in.

2) With the said amendment, the requirement of taking prior approval by the CreditRating Agencies (CRAs) from SEBI for change in status or constitution has beendispensed with. However, the CRAs would be required to take prior approval fromSEBI for change in control.

3) Pursuant to the aforesaid notification, commencing from half year ended September30, 2011, all CRAs shall report the following change(s) to SEBI while submitting theAction Taken Report in accordance with SEBI Circular No. SEBI/MIRSD/CRA/Cir-01/2010 dated January 06, 2010.

a. Amalgamation, demerger, consolidation or any other kind of corporaterestructuring falling within the scope of section 391 of the Companies Act, 1956 (1of 1956) or the corresponding provision of any other law for the time being in force;

b. Change in Director, including managing director/ whole-time director;c. Change in shareholding not resulting in change in control.

If there is no change during the relevant half year, it shall be indicated in the report.

4) This circular is issued in exercise of powers conferred under Section 11(1) of theSecurities and Exchange Board of India Act, 1992 to protect the interests of investorsin securities and to promote the development of, and to regulate the securities market.

5) This circular is available on SEBI website at www.sebi.gov.in under the categoriesLegal Framework and Circulars.

Yours faithfully,

Prasanta Mahapatra

Deputy General Manager

022-26449313

Email id: prasantam@sebi.gov.in

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