The Securities and Exchange Board of India (Sebi) is planning to come out with revised rules for credit rating agencies after it noticed lack of proper disclosures and conflict of interest between rating agencies and issuer companies.

The move is aimed at avoiding crisis such as the recent one faced by J P Morgan Mutual Fund in two of its fixed income schemes.

"What we started looking at was, why is it that in certain cases while the papers were being rated as investment grade, suddenly the rating was suspended? There may be a genuine reason. I don't suspect anything but then that has to be explained to the investors and public at large. Our feeling was that was not being done. We had a meeting with rating agencies and we have explained our concern to them," Sebi chairman U K Sinha said on the side lines of the annual capital market summit organized by industry body Federation of Indian Chambers of Commerce and Industry ( Ficci).