Home Notifications 2003 SEBI SEBI - 2003 This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Securities And Exchange Board Of India (Credit Rating Agencies) (Amendment) Regulations, 2003 - S.O. No.203(E) - SEBI/LGL/3805/2003 - SEBIExtract SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 19 th February, 2003 S.O. 203(E).-- In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, namely:- 1 (i) These regulations may be called the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2003. (ii). They shall come into force on the date of their publication in the Official Gazette. 2 In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, in regulation 27, after sub-regulation (2), the following proviso and Explanation shall be added, namely:- Provided that the Credit Rating Agency may, subject to the provisions of sub-regulation (1), rate a security issued by its associate having a common independent director with it or rating committee if, - (i) such an independent director does not participate in the discussion on rating decisions, and (ii) the Credit Rating Agency makes a disclosure in the rating announcement of such associate (about the existence of common independent director) on its Board or ot its rating committee, and that the common independent director did not participate in the rating process or in the meeting of its Board of Directors or in the meeting of the rating committee, when the securities rating of such associate was discussed. Explanation : - (1) For the purposes of this sub-regulation the expression 'independent director' means a director who, apart from receiving remuneration as a director, does not have any other material pecuniary relationship or transactions with the company, its promoters, its management or its subsidiaries, which in the judgment of the board of the company, may affect the independence of the judgment of such director. [F. NO. SEBI/LGL/3805/2003] G.N. BAJPAI, Chairman FootNote: 1. The principal regulations, SEBI (Credit Rating Agencies) Regulations, 1999 were issued under S.O. No. 547(E) dated July 7, 1999 published in the Gazette of India. 2. SEBI (Credit Rating Agencies) Regulations, 1999 were subsequently amended on - (a) March 28, 2000 by SEBI (Appeal to Securities Appellate Tribunal) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O no. 278(E). (b) May 29, 2001 by SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O no. 476 (E). (c) September 27, 2002 by SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations,2002 vide S.O. No. 1045(E).
|