The Securities and Exchange Board of India (SEBI) has tightened the disclosure norms for credit rating agencies (CRAs) that will now have to take into account various factors, including asset-liability mismatch, liquid investments, cash flows and capital infusion from parent or group entities while performing any rating action. When a rating factors in support from a parent/group/ government, with an expectation of infusion of funds towards timely debt servicing, the name of such entities, along with rationale for such expectation, may be provided. When subsidiaries or group companies are consolidated to arrive at a rating, list of all such companies, along with the extent (e.g. full, proportionate or moderate) and rationale of consolidation, may be provided. SEBI also mandated CRAs to include a specific section on “liquidity” to highlight parameters like cash balances for servicing maturing debt obligation.