AI assistant
CRISIL Ltd. — Regulatory Filings 2024
Apr 25, 2024
58999_rns_2024-04-25_f188b05e-49de-426c-8e59-d979d3e2e116.pdf
Regulatory Filings
Open in viewerOpens in your device viewer
April 25, 2024
Listing Department National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, 5[th] floor P J Towers Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sir/Ma’am,
Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015
This is in furtherance to our disclosures dated September 12, 2023 & September 26, 2023, regarding incorporation of CRISIL ESG Ratings & Analytics Limited (CRISIL ESG Ratings), a step-down subsidiary of the Company, to carry out the business of ESG Ratings Provider (ERP) and for transfer of Company’s ESG Scores business to ESG Ratings Company as a going concern on a slump sale basis.
We wish to inform you that CRISIL ESG Ratings has received the license today from Securities and Exchange Board of India to commence the business of ERP and has executed the Business Transfer Agreement.
The effective date of transfer of Company’s ESG Scores business to CRISIL ESG Ratings is subject to meeting customary closing conditions.
Please find enclosed a press release in this regard.
Kindly take the same on record.
Yours faithfully,
For CRISIL Limited
MINAL Digitally signed by MINAL AMIT AMIT BHOSALE Date: 2024.04.25 BHOSALE 17:52:00 +05'30'
Minal Bhosale Company Secretary ACS 12999
CRISIL Limited
Corporate Identity Number: L67120MH1987PLC042363
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisil.com
==> picture [88 x 48] intentionally omitted <==
Press release
April 25, 2024 | Mumbai
CRISIL ESG Ratings & Analytics Ltd gets SEBI nod to offer ESG ratings
Will use proprietary, India-specific framework to further the ESG agenda of all stakeholders
The Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Ltd (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of environmental, social and governance (ESG) ratings.
Says Amish Mehta, Managing Director and CEO, CRISIL Ltd, “It is our stated aim to grow sustainably and we are excited to have a licence that reinforces our stewardship of this space. The approval comes at an opportune time when ESG disclosures have been improving and there is increasing realisation in the financial markets on the need for independent ESG ratings that will support decision-making for issuers and investors, and channel funds towards sustainable growth of the Indian economy.”
The approval follows SEBI notifications[1] amending the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs). Pursuant to, and to comply with, these notifications, CRISIL ESG Ratings was incorporated.
CRISIL is the pioneer of credit ratings in India and has steered many innovations in the space over the past 37 years.
CRISIL Ltd launched its ESG ‘scoring’ business in 2021 and gradually expanded coverage from 225 to ~1,000 companies across ~65 sectors. This business will now be transferred to CRISIL ESG Ratings.
Says Gurpreet Chhatwal, Managing Director, CRISIL Ratings, “The ESG scores, which will henceforth be called ‘ESG ratings’, have already found traction among market participants. These are based on a unique Indiaspecific framework that factors in nuances at the sectoral level, while being guided by global best practices. The process includes analysis of more than 500 unique data points across the environmental, social and governance aspects for each company.”
The CRISIL ESG ratings framework has been refined over the past few years based on market feedback and alignment with regulatory requirements.
Additionally, our cross-sectoral relative benchmarking of ESG performance helps issuers to showcase their ESG preparedness and performance compared with peers and industry best practices.
CRISIL ESG ratings will also help investors to measure and monitor ESG risks in their portfolio and identify investment opportunities considering long-term sustainability of businesses, in addition to the traditional investment risks.
Like all our businesses, CRISIL will continue to invest strongly in people, processes and policies to maintain the highest standards of governance, transparency, analytical rigour and client servicing in the ESG ratings business, too, furthering our mission to make markets function better.
1 SEBI/LAD-NRO/GN/2023/136 SEBI/HO/DDHS/POD2/P/CIR/2023/ 121
1
==> picture [88 x 48] intentionally omitted <==
Media Relations
Aveek Datta Prakruti Jani Rutuja Gaikwad Media Relations Media Relations Media Relations CRISIL Limited CRISIL Limited CRISIL Limited M: +91 99204 93912 M: + 91 98678 68976 M: +91 98195 22010 B: +91 22 3342 3000 B: : +91 22 3342 3000 B: +91 22 3342 3000 [email protected] [email protected] [email protected]
About CRISIL Ratings Limited
CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
CRISIL Ratings Limited (“CRISIL Ratings”) is a wholly owned subsidiary of CRISIL Limited (“CRISIL”). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”).
For more information, visit www.crisil.com/ratings.
About CRISIL Limited
CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.
It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.
It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Colombia, Poland, China, Hong Kong, Singapore and Australia.
It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK
CRISIL Privacy
CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and service your account and to provide you with additional information from CRISIL. For further information on CRISIL’s privacy policy please visit www.crisil.com/privacy.
Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
2