According to media reports, the Securities & Exchange Board of India (SEBI) has urged the rating agencies to increase the degree of surveillance over issuers regarding compliance of their debt obligations and has also increased the disclosure requirements in this regard. The capital market regulator is of the opinion that the agencies are slow to adjust ratings of some companies that defaulted. SEBI stated that the rating agencies have to track whether debt issuers are meeting payments for each rated instrument and be alert for any deterioration of financial conditions.