SEBI has introduced stringent compliance norms for Credit Rating Agencies (CRAs) undertaking activities regulated by other Financial Sector Regulators such as RBI, IRDAI, and PFRDA. The circular mandates strict segregation of SEBI-regulated and non-SEBI activities, including separate grievance mechanisms, dedicated email IDs, distinct website disclosures, and mandatory disclaimers in reports and marketing materials. CRAs must also obtain client acknowledgements regarding the non-applicability of SEBI investor protection mechanisms and ensure ring-fenced net worth compliance. With phased implementation timelines extending up to February 2027, the framework aims to enhance transparency, prevent regulatory confusion, and safeguard investor interests.