IFSCA issued Circular No. IFSCA-CMIR/1/2026-CMIR on 16 July 2026 amending the Master Circular for Credit Rating Agencies in the IFSC (Master Circular dated 5 August 2025); the amendment became effective immediately.
Key regulatory changes
- Circular and scope: Amendment to Master Circular for CRAs in IFSC; applies to CRAs operating under IFSCA jurisdiction in GIFT City.
- Publication of rating actions: CRAs must disseminate rating actions accompanied by documented analytical rationale.
- Issuer review: Issuers may review only factual errors before publication; issuer review does not extend to unsolicited ratings or private assignments.
- Analytical independence: Requirement preserves CRA analytical judgement by limiting issuer intervention to factual corrections.
Record-keeping and standards
- Reconstruction-ready records: CRAs must maintain records sufficient to reconstruct the rating process, including material considerations and reasoning.
- Regulatory linkage: Records to comply with IFSCA (Capital Market Intermediaries) Regulations, 2025.
- International alignment: Framework aligned with IOSCO principles for credit rating agencies and securities market regulation.
IASPOINT Booster Facts
- Legal origin: International Financial Services Centres Authority established by the International Financial Services Centres Authority Act, 2019.
- IFSC regulator: IFSCA is the unified regulator for financial services and intermediaries in the IFSC.
- IOSCO: International Organisation of Securities Commissions sets global standards for CRA practices and disclosures.