As per the information received from Securities and Exchange Board of India (SEBI), at the instance of the High Level Coordination Committee on Financial Markets (HLCCFM) Government had set up a committee to revisit the legal and policy framework for regulating the activities of Credit Rating Agencies (CRAs). Giving this information in written reply to a question in the Rajya Sabha, the Minister for Corporate Affairs, Shri Salman Khurshid, informed the House that the report of the Committee which has interalia recommended that all registered rating agencies may be required to disclose publicly on their websites their shareholding pattern and the names of the owners, is under examination by SEBI. ,
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Though late but a right decision. Ownership details of any company should be available on their web site besides Ministry of corporate affairs. If any agency gets consequetive contrcts from any company, there should be watch and reasons/circumstances should be ascertained.The records of public limited company should made available to its share holders at least under RTI Act, when questioned specifically.
The high level committee has rightly recommended about the inclusion of shareholding pattern in the websites of CRAs in the comming days to come, if SEBI considers the view as appropriate.
In my view, every offer document should encompass this as well.