Credit rating agencies: Sebi extends deadline for standardised framework implementation till Nov 30

New Delhi, Markets regulator Sebi on Friday extended the deadline by two months till November 30 for the implementation of standardised framework for the classification of industry by credit rating agencies. The framework is for rating exercise and research activities.

The deadline was to end on Friday.

In view of representation received from credit rating agencies, it has been decided to extend the date of applicability of the standardised industry classification to November 30 2022, the Securities and Exchange Board of India (Sebi) said in a circular.

Under the guidelines, credit rating agencies will have to implement standardised industry classification for the purpose of rating exercise, peer benchmarking and research activities.

The standardised framework will help bring about uniformity in the classifications being used across sectors and in securities market.

Further, Sebi said that monitoring of implementation of standardisd industry classification will be done in terms of the half-yearly internal audit for credit rating agencies.