Section 37 in Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
37. Manner of Making Order of Suspension and Cancellation.
- No order of suspension or of cancellation of the certificate of registration, shall be passed by the Board, except after holding an enquiry in accordance with the procedure specified in regulation 38.Provided that the holding of such an enquiry shall not be necessary in cases where:(a)the credit rating agency is declared insolvent or is wound up; or(b)the credit rating agency fails to pay to the Board registration fees or renewal fee as per these regulations.Provided further that an opportunity of hearing shall be given before any action against the credit rating agency is taken.
