Sebi observed over time the number of issuers that are non-cooperative with
CRAs (Credit Rating Agencies) have increased, with a vast majority of INC
issuers being unlisted and small entities.
In this regard, to provide enhanced transparency and information regarding non-
cooperative issuers to various stakeholders, market participants and investors.
CRA shall disclose two lists of issuers who are non-cooperative with the CRA,
separately for securities that are listed, or proposed to be listed, on a recognised
stock exchange, and other ratings.
The list would be disclosed in a prescribed format and the disclosure would be
updated on a daily basis.
The new circular will be applicable with effect from July 15, 2023.
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