May 02, 2018

All Credit Rating Agencies
Dear Sir / Madam,

Subject: Master Circular for Credit Rating Agencies

Securities and Exchange Board of India (SEBI) has been issuing various circulars/ guidelines from time to time. In order to enable the industry and other users to have access to all the applicable circulars/ directions at one place, Master Circular for Credit Rating Agencies (CRAs) has been prepared.

This Master Circular is a compilation of the circulars issued by SEBI up to March 31, 2018, which are operational as on the date of this circular.

In case of any inconsistency between the Master Circular and the applicable circulars, the contents of the relevant circular shall prevail.

The Master Circular is a compilation of all the existing/ applicable circulars issued by the Market Intermediaries Regulation and Supervision Department of SEBI to CRAs. Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to CRAs.

Yours faithfully,

Surabhi Gupta
Deputy General Manager
Phone No.: 022 – 26449315
Email ID:

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