Section 36 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
36. Cancellation of Registration.
(1)A penalty of cancellation of certificate of registration of a credit rating agency may be imposed by the Board, if:(a)the credit rating agency is guilty of fraud, or has been convicted of an offence involving moral turpitude or an economic offence; or(b)in case of repeated defaults of the nature mentioned in sub-regulation (1) of regulation 34.(c)the credit rating agency is declared insolvent or wound up;(2)The Board shall furnish to the credit rating agency reasons in writing for cancellation of registration.
