Instruments and Activities regulated by other FSRs
As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of other FSRs, along with the names of respective FSRs, is being disclosed below:
| Instrument/Activity |
Regulator |
| Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ |
RBI |
| Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* |
RBI |
| Listed Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
| Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs ^ |
RBI |
| External Commercial Borrowings and other similar borrowings |
RBI |
| Certificates of Deposit |
RBI |
| Fixed Deposits raised by NBFCs, HFCs, Fis |
RBI |
| Listed Security Receipts $ |
RBI |
| Unlisted Security Receipts |
RBI |
| Independent Credit Evaluation (ICE) |
RBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) |
MCA |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs |
MCA |
| Inter Corporate Deposits/Loans extended by Corporates |
MCA |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) |
MCA |
| Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * |
Investor-side regulator such as IRDAI, PFRDA @ |
| Borrowing programme ~ |
- |
| Issuer Ratings # |
- |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available
Grievance Redressal: For any grievances relating to rating of instruments NOT regulated by SEBI, please contact: grievance@brickworkratings.com