Pursuant to amendments to the Securities and Exchange Board of India (SEBI) Credit Ratings Agencies (CRA) Regulations, 1999, mandating segregation of the ratings and non-ratings businesses of credit rating agencies, CRISIL Ltd today completed the transfer of its ratings business to wholly owned subsidiary CRISIL Ratings Limited.

This transfer was undertaken through a Scheme of Arrangement in terms of Section 230 to 232 of the Companies Act, 2013, and was approved by the National Company Law Tribunal earlier this year. The scheme has been made effective as on December 31, 2020, following receipt of all necessary approvals, including from the SEBI and the Reserve Bank of India.

The segregation has no impact on the company’s businesses and its stakeholders.

Relentless commitment to analytical excellence and high ratings quality, which have been the hallmarks of CRISIL’s ratings over the past three decades, will continue to underpin the business.

The newly created CRISIL Ratings Limited has an independent Board of Directors comprising eminent and distinguished leaders with diverse expertise and experience. Details on CRISIL Ratings Limited and its Board of Directors are available on www.crisil.com/ratings.

CRISIL Ltd continues to be majority-owned by S&P Global Inc (SPGI), the leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.