The International Financial Services Centres Authority (IFSCA) on July 16, 2026, issued amendment to the Circular titled Master Circular for Credit Rating Agencies in the IFSC dated August 05, 2025. The Master Circular, inter-alia, specifies the operational framework for regulating Credit Rating Agencies (“CRAs”) registered with the Authority.
The following amendments have been stated:
• In sub-paragraph 5.1.1, after Explanation 2, the following explanation shall be inserted, namely:
“Explanation 3: Credit ratings shall include credit quality ratings and other similar services relating to credit rating by, whatever name called.”
• After sub-paragraph 5.1.6, the following sub-paragraph 5.1.7. shall be inserted, namely:
“5.1.7. Financial Strength Rating.”
• The sub-paragraph 13.1.10. shall be substituted with the following, namely:
“13.1.10. The CRA shall maintain such information and records that are accurate and sufficiently detailed and comprehensive to reconstruct the credit rating process for a given credit rating action including the important factors underlying the credit rating.”
• After sub-paragraph 13.1.10., the following shall be inserted, namely:
“13.1.11. The records maintained by CRA shall include a summary of material considerations and analytical reasoning, including key arguments for and against the rating decision, without attribution of comments to specific individuals.
13.1.12. The CRA shall maintain records in the manner and for such period, from the date any rating is withdrawn or discontinued, in the manner as provided under the IFSCA (Capital Market Intermediaries) Regulations, 2025.”
[Circular No. e.F.No. IFSCA-CMIR/1/2026-CMIR]
