Official Answer Key & Detailed Solution
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Correct Answer: Option (B) — 2 and 3 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is incorrect: Credit Rating Agencies (CRAs) in India are regulated by the capital markets regulator, the Securities and Exchange Board of India (SEBI), under the SEBI (Credit Rating Agencies) Regulations, 1999, not by the RBI. Statement 2 is correct: ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was established in 1991 and is an Indian public limited company listed on both the BSE and NSE. Statement 3 is correct: Brickwork Ratings is a SEBI-registered and RBI-recognized Indian domestic credit rating agency alongside CRISIL, ICRA, CARE, and India Ratings.
CRAs rate financial market debt securities/instruments traded on capital markets, which naturally places them under SEBI's regulatory ambit rather than RBI's.
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