Section 3 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
3. Application for grant certificate [of initial registration.] [Inserted by Notification No. F.No. LAD-NRO/GN/2011-12/10/21232. dated 5.7.2011 (w.e.f. 7.7.1999).] -
(1)Any person proposing to commence any activity as a credit rating agency on or after the date of commencement of these regulations shall make an application to the Board for the grant of a certificate of [initial] [Inserted by Notification No. F.No. LAD-NRO/GN/2011-12/10/21232. dated 5.7.2011 (w.e.f. 7.7.1999).] registration for the purpose.(2)Any person, who was immediately before the said date carrying on any activity as a credit rating agency, shall make an application to the Board for the grant of a certificate within a period of three months from such date:Provided that the Board 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 form such date.(3)An application for the grant of a certificate under sub-regulation(1) or sub-regulation(2) shall be made to the Board in Form A of the First Schedule and shall be accompanied by a non-refundable application fee, as specified in Form A of the second Schedule, to be paid in the manner specified in Part B thereof.(4)Any person referred to in sub-regulation (2) who fails to make an application for the grant of a certificate within the period specified in that sub-regulation shall cease to carry on rating activity.
