Rating Process Flow and Timeline
23rd October 2024 (Version 12)
Description |
Timeline |
Business Development (BD) Representative generates / regenerates link for Rating Application and sends it to the Client for Acceptance on the same Calendar Day.
Client accepts the Terms through an OTP Process
|
Day T |
Submission of Mandate for BD Quality Check (QC) and Finance Clearance / Resubmission after being rejected by BDQC; timer is reset |
Day T1 |
Clearing BD QC |
Day T1+ 1 |
Case Allocation by Rating Administration and system generated mail for seeking information. |
Day T1 + 2 |
Management interaction or receipt of full information-whichever is later; timer is reset
|
Day T2 |
Submission / resubmission of Case for Pre-RCM QC
|
Day T2+4 |
Submission to Rating Desk for inclusion in a RC Meeting# |
Earliest: Day T2+4
Latest: Day T2+6
|
RC Meeting |
Earliest: Day T2+4
Latest: Day T2+7 |
Communication of the rating assigned to issuer |
2 working days of rating committee decision |
Receipt of manually / electronically signed Letter of Acceptance (applicable for fresh cases); timer is reset |
Day T3$ |
Dissemination of rating and publishing on website |
Day T3 + 2 |
Surveillance & Monitoring: On-going process |
As per SEBI requirements |
‘Day’ refers to a working day and excludes weekends / public holidays / non-working or partial days / emergency holidays declared by government / municipal authorities.
*This Rating Process and Timeline is applicable for only Initial Rating cases.
#Submission to Rating Desk for inclusion in a RC Meeting: Wherever required, the rating note is reviewed by the Team Leader/ Head before submission to Rating Desk for inclusion in a RC Meeting.
Appeal
The client has an option to appeal against the rating assigned. If the client chooses to appeal against the rating assigned, Acuité will accept such a request at its discretion, only upon being provided with additional, material information not provided earlier. Such a request can be made within 05 days of communication of rating and shall be accepted only once.
Acceptance of rating by the issuer after 5 working days of communication, but within a month of assigning the rating:
In cases where rating is accepted by the issuer after 5 working days of communication of rating, but within a month (i.e. before the rating is published as an ‘Unaccepted Rating’), Acuite would follow the timelines prescribed by SEBI and accordingly publish the Press Release within 2 working days of the receipt of formal acceptance of the rating by the issuer.
$Disclosure of Unaccepted Rating
Acuité will disclose the unaccepted ratings on its website within a month from the date of communication of rating to the client, as per prevailing SEBI guidelines.
Revalidation of unaccepted rating:
1. An entity with an unaccepted rating from Acuite and desirous of accepting the same, is required to submit a request for revalidation of rating in the prescribed format, duly signed by the authorized signatory, at least 60 days prior to the expiry of the current rating mandate.
2. The entity must provide updated and/or latest financial and non-financial data and information along with the request for revalidation of rating.
3. The rating process culminating in publishing of Press Release (upon acceptance of rating after the revalidation exercise) will necessarily have to be before the expiry of the existing rating agreement. Acuite will not take cognizance of rating acceptance by the entity if the PR cannot be published within the validity period of the current rating agreement.
4. Upon acceptance of the revalidated rating, the rating will immediately be placed under surveillance, and the entity will be required to pay the applicable Surveillance Fee as per the terms of the rating agreement.
5. Acuite will disclose an unaccepted rating after the revalidation exercise, even if the date for such disclosure falls after the validity period of the current rating agreement.