Section 4B in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
4B. Credit Rating.
- The issuer shall obtain credit rating from at least one credit rating agency registered with the Board, which shall be disclosed in the offer document or placement memorandum, as applicable:Provided that where credit ratings are obtained from more than one credit rating agency, all the ratings, including the unaccepted ratings, shall be disclosed in the offer document or placement memorandum, as applicable.
