The amendment broadens and clarifies the scope of activities that credit rating agencies (CRAs) may undertake by expressly allowing them to carry out other activities specified by the Board and to rate financial instruments that fall under the purview of other financial sector regulators or authorities, as specified by SEBI. The revised explanation makes it clear that such ratings must strictly comply with the relevant rating guidelines issued by the concerned regulator or authority and will remain under that regulator supervisory jurisdiction.