Press Release
November 13, 1997Ref No. PR 136/97
PRIMARY MARKET DEPARTMENT
Duff & Phelps Credit Rating India (P) Ltd. (DPCRL) has been permitted by SEBI to carry on the activities of a Credit Rating Agency with effect from October 15, 1997.
Also, all privately placed pure debt securities which carry Credit Rating of not less than investment grade from DPCRL shall be exempt from the requirements of Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957. Such exemption was earlier made available to such securities rated by the Credit rating Information Services of India Limited (CRISIL), Investment Information and Credit Rating Agency of India Limited (ICRA) and Credit Analysis and Research Limited (CARE) in the Circular F.No.1/10/SE/94 dated July 20, 1994, issued by the Central Government, Ministry of Finance, Stock Exchange Division.