The IFSCA vide this circular amended the provisions of “Master Circular for Credit Rating Agencies in the IFSC” issued on August 05, 2025.
The Master Circular, inter-alia, specifies the operational framework for regulating Credit Rating Agencies (“CRAs”) registered with the IFSCA.
Key amendments include the expanded scope of credit rating services which now explicitly include credit quality ratings and other similar services relating to credit rating; maintenance of records; non-disclosure of information on website in relation to private credit rating assignments etc.

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