The deadline for Credit Rating Agencies to implement standardised Industry classification has been extended by SEBI.
SEBI has advised Credit Rating Agencies (CRAs) to implement standardised industry classification for benchmarking, rating, Economic and Industry Research by November 30th, 2022, which is an extension by two months from earlier deadline of September 30th, 2022.
Stock exchanges will review and publish standardised industry classification on a regular basis, and CRAs will be required to follow the Stock Exchanges published standardised industry classification, which will be published from time to time.
The implementation of standardised industry classification will be monitored as part of the CRAs’ semi-annual internal audit.