Policy for Appeal by Issuers against Rating being assigned to its Instruments (Policy for Appeal)
 

Last Reviewed On: August 02, 2024 (Version 5.0)

In line with SEBI guidelines and as provided for in the Circulars issued by the former from time to time, Acuite will adhere to the prescribed timelines for accepting requests for appeal by issuers. 

Case Type

Scenario

Timelines – immediately but not later than

Initial Rating+

Acceptance of Rating or request for review/appeal of Rating by the Issuer

5 working days of communication of rating by the CRA to the Issuer

Periodic surveillance

Request for review/ appeal of rating by the Issuer

3 working days of the Rating Committee meeting


An issuer can request a reconsideration of their rating as per the above timelines depending on the case type. A request for appeal will be considered only once.

Appeal Process:

To initiate the appeal process, the issuer should follow these steps:

  • The appeal request must be submitted in the specified format provided by Acuite.
  • The decision of the Appeal Committee, which may result in a revised or reaffirmed rating, will be communicated to the client.
  • With respect to initial rating, an issuer desirous of accepting the rating and having the Press Release published and disseminated by Acuite, is required to furnish a letter of acceptance after receiving the decision from the Appeal Committee.
  • An unaccepted rating will be published in accordance with SEBI's prescribed timeline.
  • Acuite will not consider incomplete appeal requests or requests submitted beyond the SEBI-prescribed timelines.

 Issuers and users of ratings are advised to refer the following circulars:

Circular

Date

Link

Master Circular for Credit Rating Agencies (CRAs)#

May 16, 2024

https://www.sebi.gov.in/legal/master-circulars/may-2024/master-circular-for-credit-rating-agencies-cras-_83417.html

Measures for Ease of Doing Business for Credit Rating Agencies (CRAs) – Timelines and Disclosures#

Jul 04, 2024

https://www.sebi.gov.in/legal/circulars/jul-2024/measures-for-ease-of-doing-business-for-credit-rating-agencies-cras-timelines-and-disclosures_84599.html

#Source: www.sebi.gov.in

 

This version supersedes the earlier versions.

 



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