Last Reviewed On: December 30, 2016 (Version 1.0)

1. Discount Approval on Rating Fee (Initial Rating, Enhancement or Surveillance) will have to be approved as per internal Delegation of Authority document.
2. Any deviation from laid down policies will have to be approved by an official at the level of Vice President - Rating Operations or higher. Such deviations should not be in contravention of prevailing SEBI regulations for CRAs.