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Stock market regulator has put up a consolidated version of regulations related to credit rating agencies incorporating all amendments as on March 19, 2010 on its Web site on Tuesday. Regulations 35 to 42 that detailed procedure for holding enquiry by enquiry officer and imposing penalty in case of default had already been omitted by the regulator with effect from September 27, 2002.
The only procedure for action in case of default is now Regulation 34 which specifies that “a credit rating agency that contravenes any of the provisions of the Act, Rules or Regulations framed there under shall be liable to one or more actions specified therein including the action under Chapter V of the SEBI (Intermediaries) Regulations, 2008”.
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