Operating Guidelines & Policies (Disclosure as per SEBI Circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119)
 

Updated As On: 18 September 2018


INTRODUCTION

SEBI vide its circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 directed all Credit Rating Agencies to disclose their operating policies and guidelines. This document outlines the relevant policies, guidelines, rating process and criteria applicable to all rating assignments that fall within the purview of SEBI Regulations and Circulars (executed by Acuité Bond Ratings division).

Any rating product or service that meets all the three conditions mentioned below shall come under the purview of these guidelines:

  • Ratings on public issues and right issue of securities (SEBI CRA Regulation,1999 ), other securities / instruments and loans / facilities provided by banks (SEBI circular, 2012)
  • Ratings assigned using a symbol standardized by SEBI (SEBI circular 2011)
  • Ratings assigned through a rating agreement entered into with the issuer (SEBI CRA Regulation,1999 )

In addition Issuer Ratings, will also be subject to these guidelines.


POLICIES & GUIDELINES GOVERNING RATING PROCESS

Acuité follows stringent policies and guidelines to ensure independence, quality, timeliness and objectivity in assigning ratings that are unbiased.

RATING CRITERIA

Acuité has well defined rating criteria and methodologies, models that form the analytical basis for all the ratings assigned. The rating criteria and methodologies are approved by the Rating Criteria Committee and is reviewed every year. These criteria help the analyst to ensure that all ratings can be benchmarked against a common reference.

APPLICABLE REGULATORY GUIDELINES

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Our exciting journey started in 2005 with rating of bank borrowers most of whom were small and medium enterprises. At that time, credit rating was a concept known only to large issuers of capital market instruments. Since then, like a caterpillar transforms itself into a beautiful butterfly, we transformed to rate bonds, bank facilities of large corporates and issuers across industries. Along came many achievements - SEBI Registration in 2011, RBI accreditation in 2012, 50,000 ratings in 2018, 5,000 Bond and Bank Loan Ratings in 2017, launch of India's first Android and iPhone app to disseminate rating, tamper-proof QR-code-enabled rating rationales, and SMERA Terminal to name a few.

Now is the time to re-emphasize our increasing footprint across all segments of ratings through the launch of our new name - 'Acuité'.

The name has changed. The spirit of upholding highest standards of analytical rigour, continuous improvement, excellence in our processes and quest for innovation remains the same. We would like to re-emphasize that we will continue to work hard to provide independent, unbiased and timely opinion of highest standard.

Acuité means 'sharpness and clarity of thought and vision'. Let our research and ratings help you take decisions with confidence.


Sankar Chakraborti
CEO