It consolidates circular for Credit Rating Agencies (CRAs). It aims to provide easier access to applicable regulations in a single document for CRAs, issuers of non- convertible securities, securitized instruments, municipal debt securities, commercial papers, and related stakeholders including stock exchanges and depositories. It clarifies that actions taken under the earlier circulars, such as ongoing applications, penalties, rights, or obligations, will remain valid as if the rescinded circulars are still in force for those specific instances.