SEBI vide its circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dated November 01, 2016 had prescribed clearly laying out, in the operations manual / internal governing document, the roles and responsibilities of the rating analysts. This document specifies the roles and responsibilities at different levels within analytical operations.

1. A Rating Analyst shall:
1. prepare the rating note (without the rating recommendation) as per internal policy guidelines
2. submit the note to immediate superior for review
3. communicate and follow up with rating clients to seek information, ensure information is received and complete
4. seek and set up management meetings, meetings with Audit Committee Chairman, bankers, auditors when required
5. communicate rating outcome to rated entity, orally and in writing
6. provide analytical, policy and regulatory clarifications to rated entity
2. A Senior Rating Analyst/ Manager/ Senior Manager/ Associate Vice President shall:
1. recommend the rating(s) to the rating committee
2. verify and ascertain quality of the rating note
3. present the case to committee along with analyst
4. handle all escalations internal or external

While a Senior Rating Analyst/ Manager/ Senior Manager/ Associate Vice President can perform the role of an analyst, the reverse is not allowed. 

3. A Vice President / Senior Vice President shall:
1. verify and approve all rating recommendations before the case is submitted to Rating Desk for inclusion in rating committee

Irrespective of levels/designations all members of the analytical team shall be responsible for governance and standards of compliance as per laid down policies under prevalent regulations from time to time.