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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 Investors Service is the indirect largest shareholder of ICRA. The participation of Moody’s is supported by a Technical Services Agreement, which entails Moody’s providing certain technical services to ICRA.
Specifically, the agreement is aimed at benefiting ICRA’s in-house research capabilities by providing ICRA with access to Moody’s global research base. Under the agreement Moody’s provides enrichment programs to ICRA employees, including access to the financial markets and related courses that are offered as part of the eLearning software licensed by Moody’s from Intuition, and provision of financial writing training seminars to designated ICRA employees.
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
Group Chief Strategy Officer
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, Knowledge Services, Consulting, Grading and Risk Assessment Services.
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:
Ms. Radhika Vijay Haribhakti is an Independent Director on the board of ICRA Limited.
With over 30 years of experience in commercial and investment banking, Ms. Haribhakti has made a significant impact in the financial sector. She has held key positions at renowned institutions such as Bank of America, JM Morgan Stanley, and DSP Merrill Lynch, where she advised numerous large companies and spearheaded equity and debt offerings in both domestic and international capital markets. Currently, Ms. Haribhakti provides advisory services through RH Financial but is primarily engaged as an Independent Director on multiple Corporate Boards. These include Bajaj Finance Limited, Bajaj Finserv Limited, Brookfield India Infrastructure Manager Private Limited, EIH Associated Hotels Limited, Navin Fluorine International Limited, NOCIL Limited and Torrent Power Limited. Ms. Haribhakti is also deeply committed to women’s empowerment and their financial inclusion and has chaired Boards of non-profits for 12 years. She holds a graduate degree in Commerce from Gujarat University and a Post Graduate degree in Management from IIM, Ahmedabad. Her exceptional leadership and vast industry knowledge contribute significantly to the organizations she serves.
Ms. Radhika Haribhakti is on the boards of the following other companies:
Mr. Michael Foley is a Non-Executive, Non-Independent Director of ICRA Limited.
As the Vice Chairman, Asia Pacific, and a senior member of Moody’s Investors Service Regional Management team, Mr. Foley brings a wealth of experience and expertise to his role. With a distinguished career spanning several prestigious institutions, Mr. Foley spent seven years leading Moody’s Banking, Insurance, and Managed Investment rating businesses at a global level. Prior to that, he held a significant position as the Senior Associate Director of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve in Washington, D.C. from 2008 to 2012.
Having been associated with Moody’s for over 20 years, Mr. Foley held various key roles, including Managing Director of Fundamental Business Management and Regional Head for EMEA. His exceptional industry knowledge and leadership abilities make him a valuable addition to the boards of Moody’s Singapore Pte Ltd., Moody’s Investors Service Singapore Pte Ltd., Vietnam Investors Service, and Credit Rating Agency Joint Stock Company. Mr. Foley’s contributions and insights continue to strengthen the financial landscape in the Asia Pacific region.
Mr. Michael Foley is also on the boards of the below mentioned 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 regional head of Europe, Middle East and Africa for Moody’s Investors Service. He also serves as MIS’s country manager for the United Kingdom. He is responsible for core business strategy, governance and oversight in the EMEA region. He is also responsible for policy and regulatory outreach and for overseeing and growing Moody’s investments in domestic credit rating agencies in EMEA.Before becoming regional head of EMEA, Mr. Long was co-responsible for Moody’s global bank ratings and was based in Hong Kong where he primarily focused on bank ratings in the Asia Pacific. Prior to joining Moody’s, Mr. Long worked at J.P. Morgan in London, Tokyo and Hong Kong in a variety of senior credit, research and rating advisory roles. He worked at Standard & Poor’s from 1990 to 1996 in London and Paris as a bank analyst. He began his career as a banking regulator at the Bank of England.
Mr. Long is a graduate of the University of Oxford, where he read Philosophy, Politics and Economics.
Mr. Long is on the boards of the following companies:
Mr. Ramnath Krishnan is the Managing Director & Group CEO of ICRA.
Mr. Krishnan joined ICRA in July 2020 as President of Ratings, and was appointed as Chief Rating Officer in November 2020, positions he held until October 22, 2021. Mr. Krishnan is a senior, experienced banker, with over 33 years of experience in banking in India, Malaysia and Mauritius. He has been a corporate banker, and Country Head of Risk and has understanding of different stages of credit cycle. Prior to joining ICRA Mr. Krishnan was a Chief Risk Officer with RBL Bank, prior to which he spent 23 years with HSBC, holding senior positions at HSBC Bank in corporate credit, wholesale, private and investment banking in India and as Chief Risk Officer at HSBC Malaysia. Mr. Krishnan holds a Bachelor of Arts in Economics from Loyola College, Chennai and is a Cost & Works Accountant and Chartered Accountant. Mr. Krishnan is also on the board of the below mentioned company:
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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