Credit Rating Agencies in India: Have We Done Enough?

Abstract

The role of the Credit Rating Agencies in the financial crisis is undisputed. I will even take the liberty to claim that had the rating agencies worked well, the position would have been entirely different. As is it famously said, no crisis should go waste, a lot of lessons have been learnt by market regulators across the globe. There has been beefing up of rating agency regulations among others. The scope of the paper is to elucidate the role of rating agencies in the financial crisis, the current regulatory regime in India and the potential vulnerabilities.