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Author: Mamta Arora
Publisher:
ISBN: 9788177080551
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Credit rating system started in India in 1987 when the first credit rating agency was established in the country, namely The Credit Rating Information Services of India Limited (CRISIL). In tandem with the progress of economic liberalisation since 1991, the credit rating industry has also spread its wings and is now an integral part of the Indian financial system. Although a relatively new concept, credit rating has caught the fancy of financial analysts who are ever eager to develop new methods to rate corporate debt, keeping in mind the domestic business environment and the psychology of the Indian investor. This book is unique because it not only examines the existing practices of credit rating in India but also evaluates the performance of the Indian credit rating agencies themselves.
Author: Mamta Arora
Publisher:
ISBN: 9788177080551
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Credit rating system started in India in 1987 when the first credit rating agency was established in the country, namely The Credit Rating Information Services of India Limited (CRISIL). In tandem with the progress of economic liberalisation since 1991, the credit rating industry has also spread its wings and is now an integral part of the Indian financial system. Although a relatively new concept, credit rating has caught the fancy of financial analysts who are ever eager to develop new methods to rate corporate debt, keeping in mind the domestic business environment and the psychology of the Indian investor. This book is unique because it not only examines the existing practices of credit rating in India but also evaluates the performance of the Indian credit rating agencies themselves.
Author: Bheemanagouda
Publisher:
ISBN: 9789380626314
Category : Capital market
Languages : en
Pages : 210
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Book Description
Author: Abhisar Singh
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
Credit rating is an "opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories” and Credit rating agency is “a legal person whose occupation includes the issuing of credit ratings on a professional basis.”In this paper the author analyses the functioning of credit rating agencies in India, obligations upon a credit rating agency, creditability of credit rating agencies and in the end author concludes the article.
Author: Tarun Jain
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Book Description
Credit Rating Agencies (CRAs) influence investor behavior and regulate issuers' access to financial markets and thus, they act as markets' gatekeepers. Further, given the statutory requirements for rating of securities before trading can commence thereon, CRAs occupy an intriguing inter-twined position of quasi-public regulators charged with the implementation of good governance norms and informational intermediaries seeking to protect the investors by purging the markets of information asymmetry. However, the conflict of interest issues add complexity to this scenario and the role of CRAs, after their complicity in the sub-prime mortgage crisis, is being debated internationally.In this paper we examine the role and positioning of the CRAs in the capital markets of India, with a critical eye to SEBI (Credit Rating Agencies) Regulations, 1999, the regulatory framework governing the CRAs. We ferret out the shortfalls that the existing framework carries and taking cues from the US Nationally Recognized Statistical Rating Organizations (NRSROs) model and also the standards proposed by International Organization for Securities Commissions (IOSCO), present a case for reform of the existing framework for CRA regulation in India. The chapterization is as follows:(I) Introduction (II) Credit Ratings and Credit Rating Agencies: Pivotal for Good Governance?(III) Rating Agency Failures: Imprimatur for Regulatory Oversight?(IV) Regulating Credit Rating Agencies: Lessons from Abroad(V) Regulatory Framework for Credit Rating Agencies in India(VI) The Road to Reform in India(VII) Conclusion.
Author: Kuljeet Kaur
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659254482
Category :
Languages : en
Pages : 328
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Book Description
The book talks about the four major Credit Rating Agencies in India including CRISIL, ICRA, CARE and FITCH. It gives a detailed information regarding operations undertaken by these rating agencies. The regulatory environment affecting the credit rating activities in India has been discussed in the book. The methodology adopted by Credit Rating Agencies while rating and variability in rating over the period has also been analysed in the book. The book evaluates the post rating performance of various companies rated by the given rating agencies. In addition the perceptions of investors regarding credit rating practices in India has also been covered in the book.
Author: Aline Darbellay,
Publisher: Edward Elgar Publishing
ISBN: 085793936X
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
øŠAline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formul
Author: Gianluca Mattarocci
Publisher: Academic Press
ISBN: 012404736X
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
The Independence of Credit Rating Agencies focuses on the institutional and regulatory dynamics of these agencies, asking whether their business models give them enough independence to make viable judgments without risking their own profitability. Few have closely examined the analytical methods of credit rating agencies, even though their decisions can move markets, open or close the doors to capital, and bring down governments. The 2008 financial crisis highlighted their importance and their shortcomings, especially when they misjudged the structured financial products that precipitated the collapse of Bear Stearns and other companies. This book examines the roles played by rating agencies during the financial crisis, illuminating the differences between U.S. and European rating markets, and also considers subjects such as the history of rating agencies and the roles played by smaller agencies to present a well-rounded portrait. - Reports on one of the key causes of the 2008 financial crisis: agencies that failed to understand how to analyze financial products - Describes inherent business model and pricing conflicts that compromise the independence of credit rating agencies - Reveals how rating agencies large and small, regulatory bodies, and vested interests interact in setting fees and policies
Author: Charumathi Balakrishnan
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
India has a very advanced G-sec market, but its corporate bond market is relatively under developed. Size of the corporate debt market is infinitesimal compared to the world debt market. There are seven registered credit rating agencies (CRAs) in India which rate debt securities out of which three rating agencies i.e. CRISIL, CARE and ICRA hold 80% of the market share. Debt market in India has increased over years. Number of rating and grading services offered by the rating agencies have also expanded considerably. This will eventually lead to more competition among rating agencies in India. It would be beneficial to measure competition among rating agencies and market concentration. This paper measures competition and market concentration using Herfindahl-Hirschman Index (HHI) and HHI inverse. It is a quantitative measure of industry concentration that accounts for both the number of firms in the industry and each firm's market share. This measure takes into rating revenues of credit rating agencies and number of outstanding securities in each category. This study used secondary data and the required data are taken from the regulatory disclosures made by the CRAs. The period of the study include five years from 2011-12 to 2015-16. Based on rating revenue, this study found that market is highly concentrated and the majority of the market share is held by three CRAs namely CRISIL, CARE and ICRA. Based on number of outstanding securities in each category of securities, it is found that market is a) highly concentrated in government securities and financial institutions; and b) moderately concentrated in corporate securities and structured obligations. It is also found that the market concentration has been increasing/decreasing over the years for categories such as corporate/FIs/SO/Govt. It is believed that a lack of competition, in part the result of regulatory barriers, along with mandated usage by many financial market participants has resulted in a dysfunctional credit ratings industry in India.
Author: G. Ramesh Babu
Publisher: Concept Publishing Company
ISBN: 9788180692185
Category : Financial services industry
Languages : en
Pages : 616
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Book Description
Author: Mohammed Hemraj
Publisher: Springer
ISBN: 3319179276
Category : Law
Languages : en
Pages : 291
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Book Description
The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.
