Eligibility Criteria SEBI :

SEBI shall not consider an application for the grant of a certificate unless the applicant satisfies the following
conditions, namely:
(a) the applicant is set up and registered as a company under the Companies Act;
(b) the applicant has, in its Memorandum of Association, specified rating activity as one of its main objects;
(c) the applicant has a minimum net worth of ` 5 crores;
(d) the applicant has adequate infrastructure, to enable it to provide rating services;
(e) the applicant and the promoters of the applicant, have professional competence, financial soundness and general reputation of fairness and integrity in business transactions, to the satisfaction of SEBI;
(f) neither the applicant, nor its promoter, nor any director of the applicant or its promoter, is involved in any legal proceeding connected with the securities market, which may have an adverse impact on the interests of the investors;
(g) neither the applicant, nor its promoters, nor any director, of its promoter has at any time in the past been convicted of any offence involving moral turpitude or any economic offence;
(h) the applicant has, in its employment, persons having adequate professional and other relevant experience to the satisfaction of the SEBI;

(i) neither the applicant, nor any person directly or indirectly connected with the applicant has in the past  been –
(i) refused by SEBI a certificate under these regulations or
(ii) subjected to any proceedings for a contravention of the Act or of any rules or regulations made under the Act.
(j) the applicant, in all other respects, is a fit and proper person for the grant of a certificate;
(k) grant of certificate to the applicant is in the interest of investors and the securities market.