Policy for Appeal by issuers/borrowers (Archive)

Archive

Review Committee

Appeals in respect of IG cases would be handled by Rating Review Committee (RRC) while the NIG cases would be handled by External Rating Committee (ERC).

Process

  1. Once the representation/request for review is received, the same shall be reviewed by the CRO and the group head concerned, to examine if the criteria as set out below are met and to refer the case to RRCM. If the review criteria are met, the case is referred to the RRCM. In case the review criteria are not met, an internal rating committee will consider the same and record the decision with appropriate rationale (in the form of minutes of the meeting).
  2. In respect of cases referred to RRCM, if there is a specific written request from the issuer as to make personal representation before the RRC, the same may be admitted subject to extant SEBI regulations.
  3. The agenda for the RRCM shall be prepared by the concerned Analytical team who had originally dealt with the case. Thereafter, the review request shall be placed before the Rating Review Committee of Infomerics. The decision of the Review Committee, as the case may be, on the review shall be final and is communicated to the client immediately.
  4. For fresh (initial) cases, the RRC shall dispose of the case within 15 days from the date of receipt of appeal. For surveillance cases, the RRC shall dispose of the case within 5 days from the date of receipt of appeal.

Minimum Eligibility Criteria for Review of Cases

  1. If there is any additional information which was not available/provided at the time of initial rating/surveillance;
  2. If there is additional perspective given by the client on aspects of the rationale
  3. If there is any new significant development post initial rating surveillance.
  4. The Review criteria will be applicable for both Surveillance and Fresh cases.

*Policy on Appeal by Issuer/Borrowers (Version III) is approved in the BM dated 01st February 2022.

Last Updated: February 2022

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Policy for Appeal by issuers/borrowers (2nd Amendment)

Infomerics has the External Rating Committee (ERC) comprising independent eminent professional members. Rating Committee considers all the proposals for rating and grading coming through the Rating Team which includes senior employees of the company engaged in rating function, except proposals for rating decided by the Internal Rating Committee (IRC) as per the policy of the company. Once the rating/grading is assigned by the ERC/IRC, the same is communicated to the client. Client has the right to appeal against such rating/grading by placing new facts and figures, if any. Once the request for review is received, all the new facts are analysed by the Analysts & the Rating Team and thereafter the same is placed before the IRC. If the IRC feels that no change ?in rating/grading is necessary, the review proposal is disposed of by the IRC even if the initial rating/grading decision is made by ERC. Otherwise the review proposal is placed before ERC. The decision of the ERC or IRC, as the case may be, on the review is communicated to the client immediately. The review process is generally completed within a period of 30 days in case of new rating/grading proposal and in 20 days in case of surveillance.

Policy for Appeal by issuers/borrowers (1st Amendment)

Infomerics has the External Rating Committee (ERC) comprising independent eminent professional members. Rating Committee considers all the proposals for rating and grading coming through the Rating Team which includes senior employees of the company engaged in rating function, except proposals for rating decided by the Internal Rating Committee (IRC) as per the policy of the company. Once the rating/grading is assigned by the ERC/IRC, the same is communicated to the client. Client has the right to appeal against such rating/grading by placing new facts and figures, if any. Once the request for review is received, all the new facts are analysed by the Analysts & the Rating Team and thereafter the same is placed before the IRC. If the IRC feels that no change in rating/grading is necessary, the review proposal is disposed of by the IRC even if the initial rating/grading decision is made by ERC. Otherwise the review proposal is placed before ERC. The decision of the ERC or IRC, as the case may be, on the review is communicated to the client immediately. The review process is generally completed within a period of 30 days in case of new rating/grading proposal and in 20 days in case of surveillance.

Policy for Appeal by issuers   - (Originally) 

Infomerics has the External Rating Committee comprising independent eminent professional members. Rating Committee considers all the proposals for rating coming through the Rating Team which includes senior employees of the Company engaged in rating function. Once the rating is assigned by the External Rating Committee,the same is communicated to the client. Client has the right to appeal against such rating by placing new facts and figures, if any. Once the request for review is received, all the new facts are analysed by the Analysts& the Rating Team and thereafter the same is placed before the External Rating Committee with recommendations of Rating Team. The decision of the External Rating Committee on the review is communicated to the client immediately. The review process is generally completed within a period of 30days in case of new ratings and in 20 days in case of existing rating.

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Infomerics has the External Rating Committee (ERC) comprising independent eminent professional members. Rating Committee considers all the proposals for rating and grading coming through the Rating Team which includes senior employees of the company engaged in rating function, except proposals for rating decided by the Internal Rating Committee (IRC) as per the policy of the company. Once the rating/grading is assigned by the ERC/IRC, the same is communicated to the client.

Client has the right to request for review of such rating/grading by placing new facts and figures, if any. Once the request for review is received, the senior level Rating Analyst(s)/Group Head, who is/are not involved in the initial rating/surveillance exercise, shall go through the papers to evaluate whether the request for review meets the review criteria as stated in the subsequent paragraphs. If the review criteria is met, then all the new facts are analysed by the concerned Analysts & the Rating Team. Thereafter, the review request shall be placed before the Review Committee of Infomerics. The decision of the Review Committee, as the case may be, on the review is communicated to the client immediately.

Review Criteria

  1. If there is any additional information which was not available at the time of initial rating/surveillance; and/or,
  2. If there is any new development post initial rating/surveillance (which appears to be significant.

Appeal Case Process

  1. In the event of an Appeal, the case documents will be reviewed by a Rating Head who was not involved originally with the concerned case. He will comment on the need for the case to be put up before a higher committee.
  2. Post comments from the other Rating Head, the CRO will comment on whether the appeal should be put up before a higher committee.
  3. In the event of divergence in views between the Rating Head and CRO, the CRO’s decision will stand as final.