List of SEBI-Registered Credit Rating Agencies in India

A snapshot of the credit rating agencies most commonly cited as SEBI-registered and active in the Indian market — offered as a general reference, with the strong caveat that this list can and does change, and should be verified against SEBI's own official records before being relied upon for a specific decision.

The Agencies Most Commonly Cited as Active

•      CRISIL Ratings — one of the longest-established agencies in the Indian market, with broad coverage across corporate, financial-sector, structured finance, and public-sector ratings

•      ICRA — another long-established, broadly diversified agency with deep sector coverage and, like several other large Indian agencies, an international affiliation

•      CARE Ratings — a broadly diversified agency with significant market presence across corporate and financial-sector ratings

•      India Ratings and Research — part of a global ratings group, with meaningful presence across corporate and structured finance segments

•      Acuité Ratings & Research — an agency with particular strength in the MSME and mid-market corporate segment, among other areas

•      Infomerics Valuation and Rating — an agency with presence across corporate, MSME, and other segments

•      Brickwork Ratings — an agency whose SEBI registration was the subject of a cancellation order in 2022 that was subsequently set aside on appeal by the Securities Appellate Tribunal (SAT) in 2023, after which the agency has continued to disclose ongoing rating operations; given this history, its current status is worth specifically re-verifying with SEBI or the agency directly rather than assumed from any general list

Why This List Should Always Be Independently Verified

The Indian credit rating industry, while relatively small and stable compared to some other financial services segments, is not static — agency registrations can be granted, expanded in scope, or in rarer cases subject to regulatory action, as illustrated by the Brickwork Ratings history noted above. Because the consequences of relying on an inaccurate list can be meaningful (choosing to engage an entity that turns out not to hold current, valid SEBI registration, for instance), companies and their advisors should treat any secondary-source list, including this one, as a starting point for research rather than a final, authoritative answer.

The most reliable way to verify current registration status is to check SEBI's official website directly, which maintains records of registered intermediaries, including credit rating agencies, or to request confirmation of current registration status directly from the agency itself as part of any engagement discussion.

How to Distinguish a Registered CRA From an Unregistered Rating-Like Service

Companies occasionally encounter services describing themselves using rating-adjacent language — 'credit score,' 'risk assessment,' 'grading' — that are not, in fact, SEBI-registered credit rating agencies and do not carry the same regulatory standing or market recognition. These services may have legitimate uses in other contexts, but they are not a substitute for a rating from a SEBI-registered CRA when the purpose is to satisfy a lender's, investor's, or regulator's requirement for a formal credit rating.

A straightforward way to check is to ask the entity directly for its SEBI registration number and cross-check it against SEBI's published list of registered credit rating agencies, a step that takes only a few minutes but avoids a potentially costly misunderstanding.

Why the List Matters Beyond Simple Compliance

Beyond the basic question of regulatory validity, the specific set of registered agencies active in a given period also shapes practical considerations like market recognition (how familiar a given agency's ratings are to the specific banks and investors a company intends to approach), sector expertise (which agencies have built genuine depth of experience in the company's specific industry), and competitive dynamics around fees and service levels — all factors that feed into the agency selection decision covered in more detail in the dedicated article on that topic elsewhere in this pillar.

A Note on Scope: Domestic Versus International Ratings

It is also worth distinguishing between agencies registered with SEBI to conduct domestic Indian ratings and the broader landscape of international rating agencies (some of which have affiliations or ownership links with the Indian agencies listed above) that assign international-scale ratings, typically relevant for companies raising capital in overseas markets. A company's need for a domestic SEBI-registered rating and its potential need for an international rating are generally separate considerations, governed by different regulatory frameworks and market conventions.

Frequently Asked Questions

Where exactly can a company verify current SEBI registration status?

SEBI's official website (sebi.gov.in) maintains a registry of registered intermediaries, including credit rating agencies, which is the most authoritative and current source; the agency itself can also confirm its registration details directly.

Does a change in an agency's registration status affect ratings it has already issued?

This depends heavily on the specific circumstances and any regulatory or tribunal orders involved; companies with an existing rating from an agency experiencing a registration dispute should seek specific guidance from the agency, their lenders, and, where appropriate, professional advisors, rather than assuming a particular outcome.

Talk to FinMen Advisors — for help preparing for a rating exercise, write to marketing@finmen.in or call +91 77387 14680.

Disclaimer: This article is intended for general informational and educational purposes only and does not constitute financial, credit, investment, or legal advice. Credit ratings are assigned solely by SEBI-registered Credit Rating Agencies (such as CRISIL, ICRA, CARE Ratings, India Ratings, Brickwork, Acuite, and Infomerics) based on their own methodologies, policies, and the information available to them at the time of assessment. FinMen Advisors provides preparatory and advisory support to companies undergoing a rating exercise and does not issue, influence, or guarantee any rating outcome. Readers should exercise independent judgement and consult qualified professionals before making business or financial decisions.