Registration of Credit Rating Agencies :

Any person proposing to commence any activity as a credit rating agency should make an application to SEBI for the grant of a certificate of initial registration for the purpose. Any person, who before the said date carrying on any activity as a credit rating agency, should make an application to SEBI for the grant of a certificate within a period of three months from such date. However SEBI may, where it is of the opinion that it is necessary to do so, for reasons to be recorded in writing, extend the said period upto a maximum of six months from such date. An application for the grant of a certificate should be made to SEBI accompanied by a non-refundable specified application fee. Any person who fails to make an application for the grant of a certificate within the period specified, ceases to carry on rating activity.