Regulation of Credit Rating Agencies in India
An analysis of the adequacy of the regulatory framework governing credit rating agencies
Summary: The Report examines the role of credit ratings in the financial system and highlights concerns regarding the regulation of credit rating agencies in India and makes recommendations to improve their functioning.
Credit Rating Agencies form an essential part of the financial markets. SEBI has regulated them since 1999. However, in the years following the financial crisis, specific concerns have been raised regarding their regulation globally, as well as in India.
This report highlights the concerns regarding the regulation of credit rating agencies in India, examines the solutions adopted by regulators in other jurisdictions, and makes recommendations to strengthen the regulatory framework in India.
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About the Authors
Shreya is a Senior Resident Fellow, and leads the work at the intersection of law, finance and development at Vidhi. She is currently focusing on independent research work relating to financial inclusion, tech and corporate governance. She has worked on several engaged projects with the International Financial Services Centres Authority, Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India. Shreya completed her LLB from National Law University, Jodhpur in 2012 and LLM from Queen Mary, London on a Chevening scholarship in 2019. She also worked with the European Bank for Reconstruction and Development, London in 2019. Prior to joining Vidhi in 2014, she worked as an Associate at Luthra & Luthra Law Offices, New Delhi.
Shreya was a Research Fellow at Vidhi.
