Our History

January, 1987

Crisil is incorporated

Crisil, India's first credit rating agency, is incorporated on the 29th day of the month, promoted by the erstwhile ICICI Ltd along with UTI and other financial institutions. Mr. N Vaghul and Mr. Pradip Shah are Crisil's first Chairman and Managing Director, respectively.

January, 1988 

Crisil commences operations

Crisil commences operations within a year of its incorporation on January 1. The business environment is far from promising for the one-year old - the lending rates are fixed, and India has no such thing as a corporate bond market as yet. As of now, credit rating is an idea that's far ahead of its times.

1990

Crisil launches CrisilCARD

Crisil launches the ‘CrisilCARD Service’ to provide comprehensive information and analytical opinion on India's corporate entities

1991

Crisil establishes its business

Despite the odds, and the initial lack of market acceptance of credit ratings, Crisil's operations are now well established. It begins to acquire brand identity, with a reputation for analytical rigour and independence.

July, 1992

Crisil helps Rating Agency Malaysia Berhad

Crisil offers technical assistance and training to help set up Rating Agency Malaysia Berhad, and MAALOT - the Israeli securities rating company.

November, 1993

Crisil goes public

Crisil's IPO is a whopping success - it's 20,00,000 shares, sold at a premium of Rs.40 per share, are oversubscribed by 2.47 times.

October, 1994

R Ravimohan is appointed as Crisil's Managing Director

Mr. R Ravimohan takes over as Crisil's Managing Director on the first day of the month.

December, 1995

Crisil500 Equity Index is launched

In partnership with National Stock Exchange of India Ltd. (NSEIL), Crisil develops and launches the Crisil500 Equity Index, helping investors clue in on stock price movements.

February, 1996    

Business alliance with S&P

Crisil forges a strategic business alliance with Standard & Poor's (S&P) Ratings Group. The tie-up is part of Crisil's strategy to develop its skills and processes.

May, 1997

S&P acquires 9.68 % stake in Crisil

S&P acquires a 9.68 % stake in Crisil on May 8, 1997. The alliance with the world's leading rating agency adds a new dimension to Crisil's methodologies. It provides Crisil with exposure to the international rating markets and to S&P's rating processes.

August, 1998

Crisil sets up IISL

Crisil sets up India Index Services Ltd (IISL), a joint venture with NSEIL, to provide a variety of indices and index -related services and products to India's capital markets.

1999

RAM becomes banking industry standard

Crisil's proprietary Risk Assessment Model (RAM) becomes the banking industry standard. Given the heightened regulatory focus on banks' risk management practices, RAM serves as a customised credit rating model for the banks.

October, 1994    

Crisil diversifies its portfolio

Crisil diversifies business portfolio with a strategic entry into advisory services, and wins its first major mandate in the infrastructure policy advisory domain.

March, 2000

Crisil acquires INFAC

Crisil acquires the business and brand INFAC of Information Products and Research Services (India) Pvt. Ltd. on March 15. INFAC is a leading provider of research to India's financial sector. The acquisition strengthens Crisil's research business, and makes it India's leading provider of integrated research.

June, 2000

Crisil Composite Performance Ranking launched

Crisil launches the Crisil Composite Performance Ranking (Crisil~CPR) to provide performance evaluation standards and investment decision support to mutual fund houses, distributors, and investors.

2001

Global Data Services set up

Crisil sets up subsidiary, Global Data Services of India Ltd. to standardise published financial data for analysis.

2001

CYTL is launched

Crisil launches the Crisil Young Thought Leader (CYTL) Award to attract outstanding talent and provide a platform to India's future business leaders to showcase their views.

2001

Crisil launches Mutual Fund Awards

Crisil launches Mutual Fund Awards in association with CNBC-TV18 - a benchmark award for India's best performing mutual funds.

February, 2002

Crisil MarketWire is launched

MarketWire - to provide real-time financial news services to help clients make pricing and investment related decisions.

April, 2002

CCER is set up

Crisil sets up The Centre for Economic Research (CCER) to apply economic principles to live business situations.

2003

Integrated risk management solutions by Crisil

Crisil sets up its investment and risk management services group to offer integrated risk management solutions and advice to banks and corporates.

2003

Crisil acquires EconoMatters

Crisil follows it up with its first overseas acquisition - EconoMatters Ltd (later the Gas Strategies Group), a London-based company providing natural gas related consulting, information and training, and conference-organising services.

2004

Crisil invests in CariCRIS

Crisil expands its global reach further with an equity investment in the world's first regional rating agency, the Caribbean Information and Credit Rating Services Limited (CariCRIS), which Crisil also helps set up.

2004

Municipal excellence awards

The Crisil Awards for Excellence in Municipal Initiatives are instituted to recognise outstanding programmes in urban development.

2005

S&P acquires majority stake in Crisil

The strategic alliance with S&P since 1996 culminates in S&P's acquiring majority control of Crisil.

May, 2005

Crisil acquired Irevna

Crisil makes its second overseas acquisition of Irevna, thus adding equity research to its wide canvas of work. Irevna is a leading global equity research and analytics company.

May, 2005

Crisil SME Ratings is launched

Crisil launches Small and Medium Enterprise (SME) Ratings to serve the specialised needs of the SME sector.

May, 2005

Crisil partners Emerging India Awards

Crisil partners CNBC-TV18 for Emerging India Awards - the first platform to recognise and reward the achievements of India's Small & Medium Enterprises.

2006

Irevna is ranked top investment research outsourcing firm

Irevna is ranked globally as the top Investment Research Outsourcing Firm by The Black Book of Outsourcing.

2006

Crisil launches IPO gradings

Crisil launches IPO grading services to provide investors with independent, reliable, and consistent assessments of the fundamental strengths of new public issues.

February, 2007

Crisil wins PFRDA mandate

The Pension Fund Regulatory and Development Authority awards Crisil with a prestigious mandate to assist in the selection of Fund Managers under the New Pension Scheme.

June, 2007

Crisil assigns first BLR    

Crisil assigns India's first Bank Loan Rating under the Reserve Bank of India's Basel-II related regulations.

July, 2007    

Roopa Kudva takes over as MD & CEO

Roopa Kudva takes over as Managing Director and CEO of Crisil, following Mr. Ravimohan's appointment as Managing Director and Region Head of S&P, South Asia.

July, 2007

Irevna tops analytics outsourcing firms

Black Book of Outsourcing ranks Irevna the No. 1 Financial Services Industry Analytics Outsourcing Firm.

March, 2008

Crisil Complexity Levels is launched

Crisil launches Complexity Levels, an initiative to strengthen India's capital markets by providing greater transparency to investors.

July, 2007

Real Estate Awards is launched

Crisil launches Real Estate Awards with CNBC AWAAZ. The award honours India's exemplary developers and builders.

2009

5000 SME rating assigned by Crisil

SME Ratings group assigns its 5000th SME rating.

March, 2008

Crisil’s revenue crosses Rs. 5 bn

Crisil's revenue crosses Rs.5 billion in 2008.

2009

Irevna tops yet again

Irevna is ranked globally by The Black Book of Outsourcing as the No. 1 Investment Research and Analytics Outsourcing Firm.

2009

Crisil captured half of BLR market

Crisil captures about half of India's bank loan rating market share.

2009

Crisil IER
is launched

Crisil Research launches Independent Equity Research (IER).

March, 2010

Crisil moves to
new HO 

Crisil moves into a new, corporate head office - the new Crisil House - at Powai, Mumbai. It is a state-of-the-art, green building.

March, 2010

Crisil assigns 15,000 SME ratings

Crisil SME Ratings crosses its 15,000th SME rating.

August, 2010

CREST is launched

Crisil launches Crisil Real Estate Star Ratings.

January, 2011

Crisil Education Gradings is launched

Crisil launches Education Grading, beginning with business schools.

August, 2010

Crisil acquires Pipal

Crisil acquires Pipal Research, further strengthening its leadership in the KPO industry.

April, 2011

Crisil rates 20,000 SMEs

Crisil Rating enhances access to funding for SMEs; announces 20,000th SME Rating.

April, 2011

Crisil Solar Gradings is launced

Crisil Ratings launches Solar grading.

April, 2011

Gold and Gilt Index is launched

Crisil Research launches Gold and Gilt Index.

April,2011

GR&A wins NASSCOM award 

Crisil Global Research & Analytics receives NASSCOM Exemplary Talent Practices Award.

February, 2012

25,000th SME rating assigned

Crisil announces its 25,000th SME rating.

June, 2012

Crisil acquires Coalition

Crisil acquires UK-based Coalition, a company providing high-end analytics to global investment banks.

March, 2012

Crisil launches Pragati series

Crisil transforms the lives of 1000 rural citizens through 'Pragati', a series of financial awareness workshops.

December, 2012

Crisil story book is launched

Crisil launches 'Doing what is right: The Crisil Story' - a book on the company's 25-year evolution, on December 19.

July, 2012

10,000th BLR assigned

Crisil assigns its 10,000th bank loan rating.

2013

Crisil Inclusix is launched

Crisil launches Crisil Inclusix, India's most comprehensive financial inclusion index which accurately measures the extent of financial inclusion in the country, right down to each of the 632 districts.

2013

Crisil Foundation is launched

Crisil launches Crisil Foundation, a platform for achieving its twin goals of increasing financial awareness and conservation of the environment.

2014

Crisil rates first commercial mortgage backed security

Crisil rates India's first Commercial Mortgage Backed Securities.

2013

Crisil State of the Nation report released

Crisil releases its first 'State of the Nation' report, a unique top-down-meets-bottom-up analysis that offers a holistic perspective on the economic state of India.

2014

Crisil Chair of Financial Markets' instituted at IIM A

Crisil signs an MoU with the Indian Institute of Management, Ahmedabad (IIM-A) to set up a 'Crisil Chair of Financial Markets' at the institute.

2014

Fund Management ratings launched

Crisil introduces Fund Management Capability Ratings for the mutual fund.

June, 2015

Ms. Ashu Suyash is appointed Crisil’s MD & CEO

Ms. Ashu Suyash takes over as Managing Director and CEO of Crisil on 1.6.2015. 

February, 2015

Crisil RE is launched

Crisil RE launched - a programme focusing on environment conservation through employee volunteering.

2015

Crisil rates partially guaranteed debenture

Crisil rates an innovative partially guaranteed debenture issue of a passive infrastructure SPV backed by first-loss partial guarantee from IIFCL.

2016

Crisil launches the first hybrid issuance ratings

Crisil launches the first hybrid issuance ratings in the insurance sector.

2016

10th batch of CCAP launched

Crisil Certified Analyst Program (CCAP) launches its 10th batch, in association with Narsee Monjee Institute of Management Studies (NMIMS) as the academic partner. 

2016

Crisil features in list of the top 100 Best companies in India for women

Crisil features in list of the top 100 Best companies in India for women by Avtar Group and Working Mother Publication.

2016

Crisil launches of CSR Year Book

Crisil Foundation launches the first edition of Crisil CSR Year Book, an annual publication analysing corporate spends for CSR, trends in driving social impact, and compliance with Section 135 on CSR in the new Companies Act, 2013.

2016

Crisil launches first Infrastructure Rating

Crisil launches first Infrastructure Rating on the ‘Expected Loss’ scale.

2016

Crisil Foundation selected for RBI scheme

Crisil Foundation is selected by the Reserve Bank of India to receive financial assistance under its Depositor Education & Awareness Fund Scheme.

2017

Crisil completes 30 years

Crisil celebrates its 30-year anniversary and continues to be driven by its mission of making markets function better.

2017

Crisil launches SMART

Crisil GR&A launches SMART, an innovative financial research platform powered by cognitive automation that enables research analysts to emulate certain tasks and optimize decision making for many others.

2017

Crisil launches smefirst

Crisil launches smefirst, an online platform that allows SMEs easy access to ratings and other related services.

2017

Crisil buys stake in CARE

Crisil buys 8.9% stake in CARE Ratings.

2017

Crisil launches InfraInvex

Crisil launches India’s first infrastructure investability index

2017

SIDBI & Crisil sign MoU to launch CriSidEx

Small Industries Development Bank of India (SIDBI) and Crisil sign MoU to launch India’s first MSME Sentiment index named CriSidEx

2017

Crisil to acquire Pragmatix

Crisil enters into a definitive agreement to acquire 100% stake in Pragmatix Services Private Limited, a data analytics company

2017

Crisil launches ULIP rankings

Crisil launched rankings for unit linked insurance plans (ULIPs)

2017

Crisil Ratings wins award for best CRA

Crisil Ratings was awarded the best credit rating agency at the ‘Capital Market Intermediaries Excellence Awards 2016-17’ by ASSOCHAM, in association with SEBI’s National Institute of Securities Markets (NISM)

2017

For the second time in a row, Crisil featured in list of the top 100 Best companies in India for women

2018

Crisil launches FPI index

Crisil launched India's first index to benchmark performance of investments of foreign portfolio investors (FPI) in the fixed-income market, in both rupee and dollar versions

2018

Crisil, SIDBI launch India’s first MSE sentiment index

Honourable Finance minister Shri Arun Jaitley today launched CriSidEx, India’s first sentiment index for micro and small enterprises (MSEs) developed jointly by Crisil and SIDBI.

2018

Crisil launches WE-Check for women entrepreneurs

Crisil has announced the launch of WE-Check, a digital verification and assessment service dedicated to women entrepreneurs, in association with NITI Aayog.

2018

Digital evolution: AMFI-Crisil Mutual Fund Factbook

In the past decade through fiscal 2018, India’s mutual fund industry has been growing at twice the pace of its global peers.

2018

For the third time in a row, Crisil featured in list of the top 100 Best companies in India for women

October, 2019

Crisil Foundation bags National CSR Award

Crisil has been awarded the National CSR Award 2018 in the category ‘CSR in Challenging Circumstances, North East’ for its flagship project Mein Pragati Assam. The award was conferred by the President of India, Ramnath Kovind.

2019

For the fourth time in a row, Crisil featured in list of the top 100 Best companies in India for women

Crisil has featured on the list of Working Mother Magazine and AVTAR 100 Best Companies for Women in India for the fourth consecutive year. Ms. Subha Barry, President, Working Mother Media and Dr. Saundarya Rajesh, Founder & President, Avtar Group presented the award to Amita Abichandani, Associate Director, Crisil Foundation at the awards ceremony.

April, 2019

Crisil launches first series of broad-based debt indices

Crisil Research, India’s largest independent and integrated research house, today announced the launch of nine indices – four in the broad government securities (G-sec or gilt) segment and five in the money market segment.

December, 2019

Crisil to acquire Greenwich Associates LLC

February, 2020

Crisil completes Greenwich acquisition

Crisil has completed the acquisition of 100% stake in Greenwich Associates LLC (‘Greenwich’) today. The transaction was announced on December 19, 2019.

October, 2020

Crisil launches India’s first AIF benchmark indices

Crisil Research, India’s largest independent and integrated research house, today announced the launch of benchmark indices for the domestic alternative investment fund (AIF) industry.

December, 2020

Crisil completes SEBI-mandated segregation of ratings

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.

February, 2021

Crisil wins Risk Markets Technology 2021 award

Crisil, an S&P Global company, has won the prestigious Risk Markets Technology 2021 Award for best modelling innovation, for its Scenario Expansion Manager (SEM) platform for stress-testing. The platform provides a path-breaking, cost-effective solution to automate the stress-testing activities of financial institutions.

April, 2021

NISM, Crisil launch certification for wealth managers

The National Institute of Securities Market (NISM), in collaboration with Crisil, today launched a comprehensive certification programme in wealth management.

April, 2021

Crisil bags the IWEI Top Employers 2020

September, 2021

Amish Mehta is appointed Crisil’s MD & CEO

Amish Mehta takes over as Managing Director and CEO of Crisil on 30.9.2021. 

April, 2023

The Economic Times recognises Crisil Limited as one of the Best Organisations for Women 2023