The Securities and Exchange Board of India notified the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2026, effective from the date of publication in the Official Gazette, to amend Regulation 9(f) of the 1999 Credit Rating Agencies Regulations. The amendment broadens and clarifies the scope of activities that credit rating agencies (CRAs) may undertake by expressly allowing them to carry out other activities specified by the Board and to rate financial instruments that fall under the purview of other financial sector regulators or authorities, as specified by SEBI. The revised explanation makes it clear that such ratings must strictly comply with the relevant rating guidelines issued by the concerned regulator or authority and will remain under that regulator’s supervisory jurisdiction. Importantly, the earlier proviso to Regulation 9(f) has been omitted, removing prior limitations. Overall, the amendment aims to enhance regulatory clarity, avoid jurisdictional overlap, and enable CRAs to operate across regulated financial segments while remaining accountable to the appropriate sectoral regulator.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 13th January, 2026
SECURITIES AND EXCHANGE BOARD OF INDIA (CREDIT RATING AGENCIES) (AMENDMENT) REGULATIONS, 2026
No. SEBI/LAD-NRO/GN/2026/293.—In exercise of the powers conferred under section 30 read with section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2026.
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 9, in clause (f),
a. the words and symbols “Nothing contained in these regulations shall preclude a credit rating agency from carrying out any activity as may be specified by the Board or rating of financial instruments under the respective guidelines of a financial sector regulator or any authority as may be specified by the Board:” shall be substituted with the following, namely, –
“Nothing contained in these regulations shall preclude a credit rating agency from carrying out any other activity as may be specified by the Board or carrying out rating of financial instruments under the purview of any other financial sector regulator or authority as may be specified by the Board:”
b. the existing Explanation shall be substituted with the following, namely, –
“Explanation: ─ For the purpose of this clause, the ratings undertaken by a credit rating agency shall be in accordance with the respective rating guidelines, wherever specified by the financial sector regulator or authority and shall be under the purview of the respective financial sector regulator or authority.”
c. The existing proviso shall be omitted.
BABITHA RAYUDU, Ex. Director
[Advt. III/4/Exty./613/2025-26]
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 Agencies) Regulations, 1999 were subsequently amended on—
a. March 28, 2000 by the Securities and Exchange Board of India (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000 published in Official Gazette vide S.O. No. 278(E).
b. May 29, 2001, by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) (Regulations), 2001 vide S.O. No. 476 (E).
c. September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide No. S.O. No.1045 (E).
d. February 19, 2003 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2003 vide S.O. No. 203 (E).
e. October 1, 2003 by the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2003 vide S.O. No. 1160 (E).
f. March 10, 2004 by Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide S. O. No. 398 (E).
g. September 7, 2006 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2006 vide S. O. No. 1454(E).
h. May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 vide no. LAD/ NRO/GN/2008/11/126538.
i. March 19, 2010 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2010 vide Notification 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/ 201112/03/12650.
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) Regulations, 2014 vide notification no. LAD-NRO/GN/2014-15/03/1089.
n. December 8, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide Notification No. SEBI/LAD/NRO/GN/2016-17/023.
o. March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/037 read with notification no. SEBI/LAD/NRO/GN/2016-17/38 dated March 29, 2017.
p. May 30, 2018 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2018 vide Notification No. SEBI/LAD-NRO/GN/2018-15.
q. September 11, 2018 by the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2018 vide Notification No. SEBI/LAD-NRO/GN/2018/36.
r. September 23, 2019 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2019 vide Notification No. SEBI/LAD-NRO/GN/2019/34.
s. April 17, 2020 by the by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide Notification No. SEBI/LAD-NRO/GN/2020/10.
t. May 5, 2021 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/23.
u. August 3, 2021 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2021 vide 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.BI/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. SEBI/LAD-NRO/GN/2023/136.
z. July 4, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD–NRO/GN/2023/137.
za. July 8, 2024 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2024, vide No. SEBI/LAD-NRO/GN/2024/191.
zb. November 28, 2024 by the Securities and Exchange Board of India (Attestation of Documents) (Amendment) Regulations, 2024, vide No. SEBI/LAD-NRO/GN/2024/212.
zc. March 21, 2025 by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2025, vide No. SEBI/LAD-NRO/GN/2025/236.
zd. April 23, 2025 by the Securities and Exchange Board of India Credit Rating Agencies) (Second Amendment) Regulations, 2025, vide No. SEBI/LAD-NRO/GN/2025/242.
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