ICRA’s Subsidiary PDCSL Granted Category-I ESG Rating Provider Status by SEBI, Expanding Holistic Risk-Monitoring Solutions

ICRA, a leading credit rating agency with a prominent presence in India for over three decades, announced today that the Securities and Exchange Board of India (SEBI) has granted approval for the registration of its wholly-owned subsidiary, Pragati Development Consulting Services Limited (PDCSL), as a Category-I ESG Rating Provider (ERP) under SEBI’s Credit Rating Agencies Regulations. PDCSL submitted its application for ERP registration in September 2023.

With this approval, PDCSL will initiate its environmental, social, and governance (ESG) ratings, positioning the ICRA Group among the few Indian entities offering holistic risk-monitoring solutions, including ESG ratings and scores.

Ramnath Krishnan, MD & Group CEO of ICRA Ltd, emphasized the expanding criteria of value creation, highlighting the importance of businesses actively contributing to environmental, societal, and transparent practices. He noted investors’ growing interest in prioritizing investments towards compliant and sustainable companies, underlining ICRA’s commitment to offering solutions to help assess risks through knowledge-led services. The introduction of ESG ratings enriches ICRA’s value proposition further.

L Shivakumar, EVP – Business Development & Chief Business Officer, ICRA Ltd, commented on the achievement, emphasizing ICRA’s dedication to ESG assessment and its capacity to provide comprehensive and reliable ESG ratings to the market. He expressed excitement about serving clients with the highest standards of professionalism and quality.

The approval of PDCSL as a Category-I ESG Rating Provider marks a significant step for ICRA in expanding its offerings to meet the evolving needs of investors and stakeholders in the Indian market.