ICRA Limited is an independent and professional investment information and Credit Rating Agency.
ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange.
The ultimate parent company of international Credit Rating Agency Moody’s Ratings is the indirect largest shareholder of ICRA. Moody’s provides certain technical services to ICRA pursuant to a Technical Services Agreement.
Relationship with Moody's Ratings
Our services are designed to
◉ Provide information and guidance to institutional and individual investors/creditors;
◉ Enhance the ability of borrowers/issuers to access the money market and the capital market for tapping a larger volume of resources from a wider range of the investing public;
◉ Assist the regulators in promoting transparency in the financial markets;
◉ Provide intermediaries with a tool to improve efficiency in the funds raising process.
Non-Executive Chairman and an Independent Director of ICRA
Independent Director of ICRA
Non-Executive, Non-Independent Director of ICRA
Non Executive and Non Independent Director of ICRA
Managing Director & Group CEO of ICRA
General Counsel
Group Chief Financial Officer
Group HR Head
Executive Vice President & Chief Rating Officer
Group Chief Technology Officer
Executive Vice President - Business Development & Chief Business Officer
Managing Director & Chief Executive Officer, ICRA Analytics Limited
Head of Group Strategy & Business Transformation
Chief Economist & Head - Research & Outreach
Company Secretary & Compliance Officer
ICRA Analytics Limited, a wholly-owned subsidiary of ICRA Ltd, provides services, solutions, analytics, and digital platforms for Risk Management, Market Data, and Knowledge Services.
As a licensed ESG Ratings Provider, we are committed to empowering businesses, investors, and other market participants to take informed decisions towards the cause of a sustainable future. Through our ESG ratings and other allied products, our goal is to provide comprehensive ESG assessments, offering a holistic view of an entity’s state and progress towards sustainability. Our approach covers not only the conventional metrics but also incorporates a nuanced evaluation of an entity’s commitment to and transition towards sustainability.
D2K Technologies is a Software Product Company facilitating Digital Transformations for top Banks and NBFCs in the country. Our products and service offerings are developed by technical teams equipped with deep-rooted banking domain expertise. We help clients meet regulatory compliances, enhance business process development, improve customer retention and acquisition, and build deep analytical platforms.
ICRA Nepal Limited (ICRA Nepal), the first Credit Rating Agency in Nepal, is a Subsidiary of ICRA Limited (ICRA) of India. It was incorporated on November 11, 2011 and granted licence by the Securities Board of Nepal (SEBON) on October 3, 2012.
Life at ICRA inspires you to give your best and make most of open learning situations, growth opportunities and also participate in organizational activities.
Mr. Arun Duggal is the Non-Executive Chairman and an Independent Director of ICRA Limited.
Mr. Duggal brings a wealth of experience as an international banker and advisor in financial strategy, mergers and acquisitions, and capital raising.With a notable 26-year career at Bank of America, he held various leadership positions across different regions. Notably, he served as the Chief Executive of Bank of America in India from 1998 to 2001 and led the bank’s oil and gas practice from 1981 to 1990. He also served as the Chief Executive of BA Asia Limited in Hong Kong from 1991 to 1994 and as the Regional Executive for Bank of America in Tokyo, overseeing Japan, Australia, and Korea in 1995. Mr. Duggal’s contributions extend beyond banking, as he founded the ‘Arun Duggal Centre of Excellence for Research in Climate Change and Air Pollution (CERCA) at IIT Delhi, India. Mr. Duggal is the Founder of recently established ESG Research Centre at IIM, Ahmedabad. He undertook a research project at IIM, Ahmedabad to enhance Gender balance at Senior Executive level in Indian Companies. Mr. Duggal is also the founder of the Women on Corporate Boards program, mentoring high- potential women for board careers, with nearly 200 corporate boards benefiting from this initiative.
In addition, he serves as a trustee of the Chennai Mathematical Institute (CMI), known for its excellence in teaching and research in mathematical sciences. Mr. Duggal holds a degree in Mechanical Engineering from IIT Delhi and an MBA from IIM Ahmedabad.
Mr. Duggal is on the boards of the following other companies:
Ms. Ranjana Agarwal is an Independent Director on the board of ICRA Limited.
As the chairperson of the Audit and CSR Committees of ICRA Limited, Ms. Agarwal brings a wealth of expertise to the organization. With over 35 years of experience in audit, tax, and related services, including succession planning, family trust management, and business valuations, she is a founding partner of Vaish & Associates, Chartered Accountants. Having previously served as a partner at Deloitte Haskins & Sells until 2000, her influence extends beyond the financial realm. She has held prominent positions such as the National President of the women’s wing of FICCI and currently co-chairs FICCI’s FLO women directors’ program, where she has facilitated the onboarding of aspiring women directors for several years.
Ms. Agarwal’s commitment to social welfare is evident as a life trustee in the Vaish Associates Public Welfare Trust, which focuses on education and healthcare. She holds an honors degree in Economics from Lady Shri Ram College, Delhi University, and received her Chartered Accountant training from Price Waterhouse Coopers.
Ms. Agarwal is on the boards of the following other companies:
Mr. Pradip Kanakia is an Independent Director on the board of ICRA Limited.
Mr. Pradip Kanakia is a strong leader and Finance and governance-oriented professional with expertise in accounting, auditing, reporting, systems, processes and controls, compliance and governance, strategy, transformation and performance management.
Mr. Kanakia currently serves on the boards of several leading listed companies and is a Senior Advisor and a mentor to a clutch of fast growing start-up companies in their pursuit of the IPO journey.
As a qualified Chartered Accountant of both England & Wales and India, he has held leadership positions with Price Waterhouse and KPMG during a career spanning 36 years. As a Lead Engagement Partner, he led the audits of several prestigious Indian and multinational companies, across various industry sectors, reporting under Ind-AS, IFRS and US GAAP for over 22 years.
As a national leader in both PwC and KPMG, he played a major role in transforming the businesses of both the firms leading to accelerated growth and profitability by demonstrating the ability to ‘turn around’ underperforming business units with strong strategic and execution skills.
Mr. Kanakia also led a popular Non-Executive Directors (NED) Program with Price Waterhouse for a period of 10 years that attracted large participation by Independent Directors, CFOs, Chief Internal Auditors and Chief Compliance Officers in Mumbai and NCR regions.
Mr. Kanakia led several thousand people in both the firms and cultivated a culture of high performance, collaboration, and teamwork by encouraging a questioning mind set and belief in finding solutions to problems by actively engaging with all stakeholders.
Mr. Kanakia is on the boards of the following other companies:
Mr. Palamadai Sundararajan Jayakumar is the Non-Executive Chairman and an Independent Director of ICRA Limited.
Mr. P. S. Jayakumar is a Chartered Accountant from the Institute of Chartered Accountants of India, an MBA graduate from XLRI Jamshedpur and Gurukul Chevening Scholar, London School of Economics and Political Science.
Mr. P. S. Jayakumar had joined Citibank NA as Management Associate in 1986 and at the time of leaving the Bank in 2008, he served as Co Head, Citibank India, with responsibility for its consumer banking. During his stint with Citibank, Mr. P. S. Jayakumar also served in senior position with Citibank Asia Pacific Region based out of Singapore.
Mr. P. S. Jayakumar had served as the Managing Director and CEO of Bank of Baroda during 2015-19 and was the first person from Private Sector to be appointed to manage a large public sector bank. Apart from transformation of Bank of Baroda, Mr. Jayakumar successfully integrated Bank of Baroda along with Dena Bank and Vijaya Bank and the success of this model resulted in other consolidation in the public sector banking system.
Mr. Jayakumar also co-promoted two companies, (i) VBHC Value Homes and (ii) Home First India, which is now a listed entity in the NSE. These companies address both the supply and demand side for affordable housing and stays engaged with VBHC as the non-Executive Chairman.
Mr. P. S. Jayakumar also serves as a Chair and an Independent Director in several Public and Private Limited companies and various sector covering manufacturing, financial services, pharmaceuticals, media and logistics.
Mr. Jayakumar also mentors several start ups and is also a member at Governing Board of the Indian Institute of Corporate Affairs.
Mr. Jayakumar is on the boards of the following other companies/designated partner in the following LLP:
Ms. Anuranjita Kumar is an Independent Director on the board of ICRA Limited.
Ms. Anuranjita Kumar is a distinguished Human Resources veteran with an impressive track record spanning over three decades. She has held senior HR positions in Asia, North America, and Europe, accumulating a wealth of experience during her tenures at Citi, Natwest (former RBS), and P&G. Before joining Natwest, Ms. Kumar served as the Head of Human Resources for Citi, South Asia, where she honed her cross-cultural expertise in the global corporate landscape. Her deep understanding of working cultures and dynamics in various countries has been a cornerstone of her career.
Ms. Kumar's focus throughout her professional journey has centered on developing and executing commercially viable HR strategies, nurturing global talent, and fostering a responsible and enriching corporate culture.
At present, Ms. Kumar is the Founder and CEO at We- Ace, a global platform focused on digital coaching and mentoring.
Ms. Kumar's exemplary contributions have earned her recognition and accolades. She was featured on The Economic Times' 'Women Ahead List 2018' and acknowledged in 2019 as a visionary Diversity and Inclusion Leader by the leading Asian D&I organization, House of Rose Professionals. Furthermore, she has been honored amongst the Top 100 HR professionals by World HRD Congress in 2015, among other prestigious awards and recognitions throughout her career.
Ms. Kumar holds bachelor’s degree in industrial and organizational psychology from University of Delhi and MBA human resources development from XLRI, Jamshedpur.
Ms. Kumar is on the boards of the following other companies:
Ms. Wendy Huay Huay Cheong is a Non-Executive, Non-Independent Director of ICRA Limited.
Ms. Cheong is the Managing Director- Regional Head of Asia Pacific for Moody’s Investors Service (MIS), and Chief Executive Officer of MIS Singapore. In this role, Wendy develops and leads the growth strategy in both developed and emerging markets in the region. She is the senior representative for Moody’s in Asia Pacific and is responsible for regional operations, overseeing policy and regulatory outreach, coordinating global initiatives, and domestic market strategies.A senior management and strategy professional experienced in leading and transforming international business operations, Wendy acts as an Executive Director for majority of Moody’s Asia entities. She also serves as a Non-Executive Director on Moody’s numerous domestic affiliate boards, including China Chengxin Credit Rating Group, Korea Investors Service and Malaysian Rating Corporation Berhad.
Wendy joined Moody’s in 2010 and has since held senior positions in strategy and management roles across business lines in Hong Kong and New York. She has served as Chief of Staff to the President of Moody’s Investors Service; Representative Director for MIS Hong Kong, while also serving as Senior Vice President – Head of APAC Strategy & Business Management; and Director and Senior Product Strategist at Moody’s Analytics. Wendy is the Global Executive Sponsor for the Moody’s Women’s Business Resource Group, and sits on the Board of the Asian Venture Philanthropy Network (AVPN). Before joining Moody’s, Wendy held senior strategy, sales and marketing positions at Prudential PLC Hong Kong and Singapore Telecoms. She holds a BA in Southeast Asian Studies from the National University of Singapore.
Ms. Cheong is on the boards of the following other companies:
Ms. Shivani Priya Mohini Kak is a Director of ICRA Limited under the category of Non-Executive, Non-Independent Director.
Ms. Kak is Managing Director, Head of Investor Relations Finance, Moody’s Corporation.Ms. Kak heads the Investor Relations Team and is responsible for managing effective communications with the analytical community, as well as existing and potential shareholders. Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.
She joined Moody's in 2008 as a European RMBS analyst in the Structured Finance team. She moved to the Commercial department in 2011, to focus on Structured Finance business development, including secondments to both the Hong Kong and New York offices. She also spent time in the Product Management Group with global responsibility for product related requests and initiatives linked to Structured Finance and investor requested products. Prior to joining Moody's, she was a Director at Lehman Brothers, specializing in Structured Finance origination and structuring.
Ms. Kak holds an MBA from the Johnson School at Cornell University and a B.Sc. (Hons) in Russian and European Studies from the University of Surrey.
Mr. Stephen Arthur Long is a Director of ICRA Limited under the category of Non-Executive, Non-Independent Director.
Mr. Long is a Managing Director and Global Co-Head of Banking. He is co-responsible for global bank ratings and is based in London where he primarily focuses on banks in Europe, the Middle East and Africa (EMEA). From 2010 to 2022 he held a similar role when he was based in Hong Kong and primarily focused on banks in Asia Pacific.
From 2022 to 2025 he was the Managing Director and Regional Head of EMEA for Moody’s Ratings. Mr. Long served as the Country Manager for the United Kingdom for Moody's Ratings. He was responsible for core business strategy, governance, and oversight in the EMEA region. Additionally, he handled policy and regulatory outreach and oversaw and expanded Moody’s investments in domestic credit rating agencies in EMEA.
Prior to joining Moody’s, Mr. Long worked at J.P. Morgan in London, Tokyo, and Hong Kong in various senior credit, research, and rating advisory positions. From 1990 to 1996, he was a bank analyst at S&P Global in London and Paris.
Mr. Long began his career as a banking regulator at the Bank of England. He is a graduate of the University of Oxford, where he studied Philosophy, Politics, and Economics.
Mr. Brian Joseph Cahill is a Non-Executive, Non-Independent Director of ICRA Limited.
Mr. Brian Joseph Cahill is Vice Chairman, Moody’s Ratings Asia Pacific. In this role, he provides strategic and operational support across key business initiatives including Moody’s Ratings domestic credit rating affiliates in India, Vietnam and other locations. He also supports senior level external engagement with market participants including policy makers and regulators in respect of Moody’s Ratings credit rating and sustainable finance activities.
Prior to his current role, Mr. Cahill was Global Head for Sustainable Finance at Moody’s Ratings leading its strategy for incorporating Environmental, Social, and Governance factors – including climate risk - into credit ratings, analytics, research, and outreach.
In addition, he oversaw the development of Moody’s Ratings sustainable finance solutions such as second party opinions and net zero assessments. These provide analytic insight to market participants wishing to evaluate the sustainability and emission reduction claims of debt issuers, a critical need in the rapidly growing sustainable finance market.
Mr. Cahill was regional head of Moody’s Ratings corporate finance franchise from 2002 to 2020. He also led the Asia project and infrastructure team from 2009 to 2018 and the Asia Financial institution team from 2009 to 2016.
Prior to joining Moody’s Mr. Cahill practiced as a lawyer. He received an MA and Master of Law from Cambridge University.
Mr. Cahill is on the boards of the following companies:
Mr. Ramnath Krishnan, Managing Director and Group CEO.
Mr. Krishnan joined ICRA in July 2020 as President of Ratings and was appointed Chief Rating Officer in November 2020, a position he held until 22nd October 2021. He is a senior, experienced banker with over 33 years of national and international experience in different areas of banking. He held senior positions at HSBC India for 23 years and his last role in HSBC was Country Chief Risk Officer at HSBC Malaysia.
Just prior to joining ICRA, Mr. Krishnan was the Chief Risk Officer at RBL Bank.
Mr. Krishnan holds a B.A. degree in Economics from Loyola College, Chennai, and is a Cost and Works Accountant and a Chartered Accountant.
Mr. Dhruba Narayan Ghosh held different positions in the Central Government in the Ministry of Finance, Ministry of Steel & Mines, and Ministry of Defence. Was on the faculty in the School of Economics & Planning, Jawaharlal Nehru University in 1975-76. Was Professor of Development Finance, in Indian Institute of Management, Calcutta,1981. Last post held was Secretary, Department of Defence Production & Supplies, Ministry of Defence,
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