CRAS
18 major NPS changes in last 6 months: New online withdrawal facility to changes in NPS transaction statement
New NPS rules: The National Pension System CRAs registered with the Pension Fund Regulatory and Development Authority (PFRDA) are consistently improving their systems. Here are the important NPS functions recently announced to enhance user experience and operational simplicity.
Can a collaborative approach break the credit rating impasse?
The GSDR report sheds light on ongoing discussions with Credit Rating Agencies (CRAs) regarding their approach to various debt restructuring options. It underscores the need to find ways to better integrate CRAs into the debt relief process paving the way for sustainable solutions for LMICs.
Atal Pension Yojana account: Now you can open APY account at 3 CRAs
Atal Pension Yojana account: The Central Recordkeeping Agency (CRA) serves as an operational interface for all intermediaries and is in charge of the centralised recordkeeping, administration, and customer support responsibilities for all NPS & APY subscribers under the NPS architecture.
FIU notifies fresh money laundering, terror financing reporting alerts for capital markets
India’s financial intelligence unit issues new alert indicators under PMLA for various sectors to combat money laundering and terrorism financing. Collaborations with regulatory bodies aim to strengthen monitoring, reporting, and analysis of suspicious transactions for law enforcement agencies. These new guidelines have been issued under the provisions of the Prevention of Money Laundering Act (PMLA) during the 2022-23 financial year and published in a recently released report that has been accessed by PTI.
New NPS rule from April 1: How to do two-factor Aadhaar authentication to log into National Pension System account
New NPS rule: The Aadhaar-based login authentication will be linked with the present User ID and Password login method, allowing for 2-factor authentication to access the CRA system.
Sebi asks CRAs to disclose about non-cooperating issuers
India's capital markets regulator, Sebi, has asked credit rating agencies (CRAs) to make a daily disclosure of issuers that are non-cooperative with them. Sebi noted most of these entities were unlisted and small.
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Timeline to get NPS partial withdrawal money reduced to 2 days after authorisation
Now, the processing time for partial withdrawal requests has also been decreased to T+2 across all CRAs, according to a PFRDA circular issued on February 7, 2023.
Sebi tweaks operational framework on credit rating agencies
At the time of withdrawal of any credit rating of securities that are listed on a stock exchange, the CRA would have to assign a rating to such security and issue a press release in a prescribed format, except in cases where there are no outstanding obligations under the security rated by the CRA or the company whose security is rated is wound up or merged or amalgamated with another firm
Sebi frames new rules for credit rating scales
Sebi said when an issuer or security is placed on a rating watch, then the three standard descriptors to be used are rating watch with positive implications, developing implications and negative implications. Whereas, for rating outlook, the standard descriptors are stable, positive and negative.
Sebi issues guidelines to standardise CRAs' rating scales
According to Sebi, 'rating outlook' indicates CRA's view on the expected direction of the rating movement in the near to medium term, whereas a 'rating watch' indicates a CRA's view on the expected direction of the rating movement in the short term. CRA will have to assign a rating outlook and disclose the same in the press release. Also, the regulator has specified standard descriptors for rating watch and rating outlook.
Sebi rolls out framework for credit rating agencies
These disclosures are unsupported ratings without factoring in the explicit credit enhancement or specified support considerations and supported rating after factoring in the explicit credit enhancement.
Sebi asks rating companies for policy on non-rating units
Such disclosures need to be updated by the CRA on the first working day of each month. The disclosure should include a reference to the date it was last updated by the CRA, along with a reference or hyperlink to archives of previous such disclosures.
Sebi enhances disclosure norms for rating companies
The regulator has mandated CRAs to frame detailed guidelines on what constitutes non-cooperation by issuers, which includes non-submission of quarterly financial results within prescribed timelines, current and past operational details about capex plans, debt obligations and repayment details, among others, and any other issue felt appropriate by a credit rating agency as per its internal assessment.
Borrowing cost may rise for power, infra, health and engineering companies
The central bank's direction to credit rating agencies (CRAs) in April was followed by clarifications in July that CRAs are not permitted to rely on support structures like letters of credit (LoC), letter of support, obligor-co-obligor structure, etc, for deriving rating comfort while assigning CE ratings.
Sebi extends deadline to submit public comment on proposed framework to regulate ESG rating providers
In its consultation paper, Sebi had proposed that credit rating agencies (CRAs) and research analysts with a minimum net worth of Rs 10 crore would be eligible to be accredited as ESG rating providers or ERP.
Sebi board OKs changes to IPOs, preferential issues
The board of the Securities and Exchange Board of India (Sebi) approved crucial changes to initial public offerings (IPOs). These include restricting the amount that a company can use for unidentified acquisitions, increasing the lock-in period for anchor investors and approving credit rating agencies (CRAs) for monitoring issue proceeds.
Acuite Ratings joins hands with United Nations for ESG in a first
It will act as a signatory to PRI’s “ESG in Credit Risk and Ratings Statement”. Fitch, Moody’s, S&P Global, Kroll Bond are among others, which are existing signatories in the gauge.
Use blockchain to monitor security creation: Sebi to depositories
It offers better protection against different types of cyber-attacks because of its distributed nature, which removes the single point of attack, Sebi said in a statement.
Sebi introduces expected loss-based rating scale for rating agencies
The new scale will be used by the credit rating agencies for ratings of projects or instruments associated with infrastructure sector to begin with, Sebi said in a circular on Friday.
Sebi streamlines framework on centralised database for corporate bonds
The regulator has specified responsibilities of parties involved, contents of the database and manner of submitting the information.
Covid turmoil prevents timely credit rating assessment of companies
Rating agencies are facing delays in routine credit assessments as the pandemic has crippled corporates’ ability to provide required data due to logistical reasons, insiders said.
Sebi issues guidelines on assigning provisional credit ratings to debt instruments
The Sebi move comes after Oaktree, one of the bidders for stressed home financier DHFL, had mentioned in its resolution plan that it received AAA ratings from credit rating agencies should it have won the bid.
Sebi opposes CCI move to probe rating agencies
The Securities and Exchange Board of India (Sebi) has asked the Competition Commission of India (CCI) not to entertain a complaint by ratings agency Brickworks, which moved the CCI alleging predatory pricing by its peers.
Coronavirus outbreak: Sebi relaxes guidelines for default recognition by rating agencies
The markets regulator said it felt a need for temporary relaxations in compliance by CRAs in view of the developments arising due to Covid-19 pandemic
Sebi tweaks rating withdrawal norms for CRAs
Sebi said at the time of withdrawal, the CRA should assign a rating to such instrument and issue a press release mentioning the reason for withdrawal of rating.
Sebi to MFs: Report about changes in terms of investments to CRAs, valuation agencies
Earlier, fund houses were required to inform the same to valuation agencies only.
MD & CEOs of CRAs shall not be members of rating committees: Sebi
The chief ratings officer has been asked to directly report to the ratings sub-committee of the board of the CRA.
Sebi issues tighter norms for credit rating agencies
Press release of credit rating agencies would now include a specific section on “liquidity”.
Sebi asks rating agencies go seek debt obligation service information from companies
Sebi said the rating agencies would have to be proactive in early detection of defaults.
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