These instruments-marketed to financial institutions, private equity houses, corporate treasuries, retail investors as well as fund houses and portfolio management firms-don’t come under Sebi’s regulatory domain, which is primary regulator for credit rating agencies. These instruments-marketed to financial institutions, private equity houses, corporate treasuries, retail investors as well as fund houses and portfolio management firms-don’t come under Sebi’s regulatory domain, which is primary regulator for credit rating agencies. Economic Times