Earlier this month, the markets regulator Securities and Exchange Board of India issued a circular tightening disclosure norms for credit rating agencies in India. You can read the circular here:
The circular has been issued after the credit rating agencies abruptly downgraded ratings of bonds sold by IL&FS and related entities after they defaulted on payment obligations in September. Credit rating agencies (CRAs) had downgraded the bonds from high investment grade (AA+ in some cases) to default or junk.