Policy for Appeal by Issuers against Rating being assigned to its Instruments (Policy for Appeal)
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Last Reviewed On: October 18, 2023 (Version 3.0)

  1. Appeal:

    2. An issuer can request a reconsideration of their rating within five (5) working days of communication of rating by Acuite, provided that the request includes new, materially significant data or information that was not previously provided to Acuite. A request for an appeal will only be considered once.

  2. 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.
    • A three-member Appeal Grant Forum (AGF) at Acuité - constituted by the Chief Rating Officer - will evaluate the newly submitted data, information, and any developments reported by the issuer to determine their materiality and significance.
    • Cases where appeal requests are approved by the AGF will be presented to the Appeal Committee.
    • 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.
    • The AGF will not consider incomplete appeal requests, requests lacking new, materially significant data or information, or requests submitted beyond the SEBI-prescribed timeline of 5 working days.
    • The decision of AGF shall be final and binding on the issuer.


    Download Appeal Form
    3. Archive Appeal Form