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๐„๐ง๐ก๐š๐ง๐œ๐ข๐ง๐  ๐€๐ฌ๐ฌ๐ž๐ญ ๐•๐š๐ฅ๐ฎ๐š๐ญ๐ข๐จ๐ง ๐š๐ง๐ ๐‚๐ซ๐ž๐๐ข๐ญ ๐‘๐š๐ญ๐ข๐ง๐ ๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐…๐’๐‚

  • By Regstreet Law Advisors
  • / September 8, 2024
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๐€๐ฌ๐ฌ๐ž๐ญ ๐•๐š๐ฅ๐ฎ๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐…๐’๐‚

The International Financial Services Centre Authority (IFSCA Official) has expanded the scope of Credit Rating Agencies (CRAs) by allowing them to also value assets of fund management schemes under the IFSCA (Fund Management) Regulations, 2022. This move is detailed in the July 25, 2024 circular released by IFSCA. Traditionally, asset valuations were handled by independent service providers like fund administrators or custodians registered with the IFSCA.

๐‚๐ซ๐ž๐๐ข๐ญ ๐‘๐š๐ญ๐ข๐ง๐  ๐€๐ ๐ž๐ง๐œ๐ข๐ž๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐…๐’๐‚

The Securities and Exchange Board of India (SEBI) has also expanded the role of CRAs within International Financial Services Centres (IFSCs). As per SEBIโ€™s circular from July 19, 2024, CRAs registered with SEBI can now undertake rating activities in IFSCs. In furtherance of this, IFSCA Official has released a circular dated July 25, 2024, stating that a CRA registered with SEBI, wishing to offer rating services in the IFSC, must apply for registration with IFSCA in accordance with the IFSCA (Capital Market Intermediaries) Regulations, 2021.

๐ˆ๐ฆ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐…๐ข๐ง๐š๐ง๐œ๐ข๐š๐ฅ ๐’๐ž๐œ๐ญ๐จ๐ซ

1.ย ย ย ย ๐ˆ๐ง๐ญ๐ž๐ ๐ซ๐š๐ญ๐ข๐จ๐ง ๐จ๐Ÿ ๐‚๐‘๐€๐ฌ ๐ฐ๐ข๐ฅ๐ฅ ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž ๐ญ๐ซ๐š๐ง๐ฌ๐ฉ๐š๐ซ๐ž๐ง๐œ๐ฒ: The integration of CRAs into asset valuation processes is expected to boost transparency. Credit ratings offer an objective evaluation of credit risk, which can provide investors with confidence in the valuation of assets managed within IFSCs.

2.ย ย ย ย ๐’๐ญ๐ซ๐ž๐š๐ฆ๐ฅ๐ข๐ง๐ž๐ ๐จ๐ฉ๐ž๐ซ๐š๐ญ๐ข๐จ๐ง๐ฌ: By allowing CRAs to perform valuations, fund management operations can become more streamlined. This can potentially lead to reduced costs.

๐‚๐จ๐ง๐œ๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง

The inclusion of CRAs, which are registered under the IFSCA (Capital Market Intermediaries) Regulations, 2021, is a welcome step as it might help in enhancing credibility of asset assessments and investor trust. The recent regulatory updates by IFSCA and SEBI represent a significant step towards integrating global financial practices within Indiaโ€™s IFSCs.

Readers are welcome to send their views at info@regstreetlaw.com

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