Summary: The International Financial Services Centres Authority (IFSCA) has issued a Circular dated September 08, 2026, bearing e.F. No. IFSCA-CMIR/1/2026-CMIR, addressed to all Credit Rating Agencies and recognised stock exchanges in the International Financial Services Centre (IFSC). The Circular amends the Master Circular for Credit Rating Agencies in the IFSC dated August 05, 2025, which specifies the operational framework for Credit Rating Agencies (CRAs) registered with the Authority. The amendment follows the notification of the International Financial Services Centres Authority (Capital Market Intermediaries) (Second Amendment) Regulations, 2026.
Under paragraph 2.1 of the Circular, sub-paragraph 18.2 of the Master Circular is amended by inserting the words “certain situations as per the approved policy of the CRA, including but not limited to” after the words “permitted in” and before the word “the”. The Circular states that the amendment is issued pursuant to Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 45 of the International Financial Services Authority (Capital Market Intermediaries) Regulations, 2025.
The Circular comes into force with immediate effect. IFSCA has stated that a copy of the Circular is available on its website. The document has been issued by Pawan Kumar Chowdhary, Deputy General Manager, Department of Capital Markets.
International Financial Services Centres Authority
Circular No. e.F.No. IFSCA-CMIR/1/2026-CMIR | Dated: September 08, 2026
To,
All Credit Rating Agencies in the International Financial Services Centre (IFSC)
All Recognised Stock Exchanges in the IFSC
Madam/Sir,
Subject: Amendment to the Circular titled “Master Circular for Credit Rating Agencies in the IFSC”
1. Reference may be drawn to the Circular titled “Master Circular for Credit Rating Agencies in the IFSC” dated August 05, 2025 (hereinafter referred to as the “Master Circular”) which, inter alia, specifies the operational framework for Credit Rating Agencies (“CRAs”) registered with the Authority.
2. Consequent to the notification of International Financial Services Centres Authority (Capital Market Intermediaries) (Second Amendment) Regulations, 2026, the following provision of the Master Circular is amended as under:
2.1. In sub-paragraph 18.2, after the words “permitted in” and before the word “the”, the following shall be inserted, namely:
“certain situations as per the approved policy of the CRA, including but not limited to”.
3. This Circular is issued in exercise of powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 45 of the International Financial Services Authority (Capital Market Intermediaries) Regulations, 2025, and shall come into force with immediate effect.
A copy of this Circular is available on the website of IFSCA at www.ifsca.gov.in.
Yours faithfully
Pawan Kumar Chowdhary
Deputy General Manager
Department of Capital Markets
[email protected]
079-61809854
