Sebi CRA Regulations: The Securities and Exchange Board of India (Sebi) has proposed to amend its norms for credit rating agencies (CRA Regulations, 1999). Credit rating agencies gauge the creditworthiness of borrowers by assessing their ability to repay the debt they wish to take. At present, regulations do not allow CRAs to undertake activities other than the rating of securities which are listed or proposed to be listed on the exchanges. However, CRAs can still conduct the rating of products, securities or issuers if such rating activities are conducted under the guidelines of a financial sector regulator (FSR) or any other authority specified by Sebi.