Indian securities market regulator, the Securities Exchange Board of India (SEBI), plans to strengthen its disclosure guidelines for issuing and reviewing credit ratings by private agencies. 
A Press Trust of India report Sunday said the SEBI move follows the impact caused by steep downgrades issued by rating agencies. 
SEBI is also considering asking the Credit Rating Agencies (CRAs) to hive off their activities involving rating of instruments other than securities, as they do not fall under SEBI's jurisdiction, the PTI report said citing a senior official. 
Besides debt and other securities, the CRAs also give ratings for various financing facilities, projects and fixed deposits, while some of them also undertake works like grading of NGOs and Real Estate properties. 
"Hiving off such activities will also ensure that there is no dual reporting or action by two or more regulators for the same violation," the official said. 
Sebi had set up a committee, comprising members from all Credit Rating Agencies (CRAs), to review the functioning of CRAs in order to enhance the standards and procedures related to assignment of ratings and review of the same. 
The Committee submitted its report after incorporating recommendations and suggestions of all CRAs. Besides, the issues related to functioning of CRAs have also been deliberated upon by the International Advisory Board of SEBI.