Section 18 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
18. Disclosure of Rating Definitions and Rationale.
(1)Every credit rating agency -(a)shall make public the definitions of the concerned rating, along with the symbol and,(b)shall also state that the ratings do not constitute recommendations to buy, hold or sell any securities(2)Every credit rating agency shall make available to the general public information relating to the rationale of the ratings, which shall cover an analysis of the various factors justifying a favourable assessment, as well as factors constituting a risk.
