सिग्नल लगा दिया, सलाह नहीं दी

Sebi makes a six-colour credit risk-o-meter mandatory for debt securities, with a not-advice disclaimer.

The Securities and Exchange Board of India (Sebi) on Wednesday introduced a mandatory colour-coded credit risk-o-meter for debt securities. The meter translates Sebi's existing credit rating framework into six colour-coded risk categories, ranging from “lowest credit risk” for AAA-rated securities to “high to very high risk of default” for securities rated B+ to D. The categories in between are very low, low and moderate credit risk, and moderate risk of default.

The framework applies to all listed and proposed-to-be-listed non-convertible securities, commercial papers, securitised debt instruments, security receipts and structured debt or market linked debentures, whether issued through public issue or private placement. The disclosure must appear in offer documents, abridged prospectus, private placement memorandums, advertisements, and the web and mobile channels of online bond platform providers.

Issuers and platforms must disclose the name of the credit rating agency and the actual rating below the meter. For unsecured debt instruments, the word “unsecured” must be displayed in bold red text. Where multiple agencies rate a security, the meter reflects the lowest rating, and securities whose issuer is classified as “Issuer Not Cooperating” will be specifically indicated. A disclaimer must state that the meter is based on an evaluation of the issuer's credit risk and does not constitute investment advice.

Chhe rang ka meter, unsecured laal akshar mein, aur neeche likha 'yeh salaah nahi hai'. Signal laga ke bol rahe hain, ruko mat, par hum zimmedar nahi. Prachand Chutiya Traffic Police.

Ab inko dekhiye. Sebi ne bond ke liye risk-o-meter laaya: AAA ka matlab lowest credit risk, aur B+ se D tak high to very high risk of default. Matlab D rating wale bond ko ab itna saaf likha jayega ki andha bhi padh le. Hum taareef karte hain. Unsecured instrument ho toh 'unsecured' bold red mein. Yeh toh wahi hua jaise shaadi ke card par bold red mein likh do 'baraat kam aayegi'.

Par asli kala neeche hai. Disclaimer: yeh meter investment advice nahi hai. Bahut badhiya. Matlab speedometer lagaya, par bol diya ki gaadi aap apni zimmedari par chalao. Aur jahan kai agency ne rate kiya, wahan sabse kam rating dikhegi, yaani pehli baar pessimist ko promotion mili. Humko lagta tha Prachand Chutiya Index sirf stock market mein chalta hai, ab bond mein bhi rang mil gaye.

FINAL VERDICTAaj ka 'Laal Batti, Par Ruko Mat' Samman Sebi ke risk-o-meter ko. Signal lagaya hai, par neeche likha hai ki traffic police zimmedar nahi. Prachand Chutiya Award pending nahi, seedha mil gaya.