List of instruments and names of regulators of the instruments
As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity
|
Sr. No. |
Instrument / activity Name |
Regulator of the instrument |
|
1 |
Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) |
SEBI |
|
2 |
Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) |
MCA |
|
3 |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1 |
SEBI |
|
4 |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 |
SEBI |
|
5 |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1 |
RBI |
|
6 |
Listed Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
|
7 |
Unlisted Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
|
8 |
Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 |
RBI |
|
9 |
External Commercial Borrowings and other similar borrowings |
RBI |
|
10 |
Certificates of Deposit |
RBI |
|
11 |
Fixed Deposits raised by NBFCs, Banks, HFCs, FIs |
RBI |
|
12 |
Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs |
MCA |
|
13 |
Inter Corporate Deposits/Loans extended by Corporates |
MCA |
|
14 |
Borrowing Programme 3 |
- |
|
15 |
Issuer Ratings 4 |
- |
|
16 |
Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) |
SEBI |
|
17 |
Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs |
SEBI |
|
18 |
Listed Security Receipts |
SEBI |
|
19 |
Unlisted Security Receipts |
RBI |
|
20 |
Independent Credit Evaluation (ICE) |
RBI |
|
21 |
Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) |
RBI |
|
22 |
Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) |
SEBI |
|
23 |
Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) |
MCA |
|
24 |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 |
Investor-side Regulator such as IRDAI, PFRDA 5 |
1 Includes securitisation transactions involving assignee payout, acquirer's payout.
2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
B. Other activities:
|
Sr. No. |
Activity Name |
Regulator of the activity |
|
1 |
Monitoring Agency |
SEBI |
|
2 |
Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 |
Not applicable |
6 Permitted by SEBI vide SEBI Master Circular for CRAs.
Note: For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.