Managing Risk & Creating Value With Our Rating Services
ICRA Limited is a leading Credit Rating Agency in India. We provide credit ratings for rupee-denominated debt instruments issued by manufacturing firms, financial institutions, public sector undertakings, and municipalities, among others. ICRA also provides ratings for securitisation instruments, debt mutual funds, and security receipts issued by asset reconstruction companies.
DISCLOSURE PURSUANT TO THE SEBI CIRCULAR SEBI/HO/DDHS/DDHS-POD-2/I/4685/2026 DATED FEBRUARY 10, 2026
ICRA rated Instruments fall under regulatory purview of various Financial Sector Regulators (FSR) as under :
| Sr. No. | Instrument | FSR |
|---|---|---|
| 1 | Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities) | SEBI |
| 2 | Unlisted / Proposed to be unlisted Bonds / Debentures / Preference Shares (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) (*) | SEBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) (*) | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) (*) | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund / Non-Fund Based) from Bank / NBFCs / NHB / FIs ($) | RBI |
| 9 | External Commercial Borrowings / Loans from overseas branches of Indian Banks / other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs, Banks, HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits / Loans extended by Corporates | MCA |
| 14 | Listed Security Receipts | SEBI |
| 15 | Unlisted Security Receipts | RBI |
| 16 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) (*) | Investor-side Regulator such as IRDAI, PFRDA (%) |
SEBI – Securities and Exchange Board of India; RBI – Reserve Bank of India; MCA – Ministry of Corporate Affairs; IRDA – Insurance Regulatory and Development Authority; PFRDA – Pension Fund Regulatory and Development Authority
Other Activities offered by ICRA fall under regulatory purview of various Financial Sector Regulators (FSR) as under :
| Sr. No. | Activity Name | FSR |
|---|---|---|
| 1 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 2 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 3 | Independent Credit Evaluation (ICE) | RBI |
| 4 | Expected Loss Ratings (For Loan Facilities [Fund / Non-Fund based] from Banks / NBFCs / NHB / FIs) | RBI |
| 5 | Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) | SEBI |
| 6 | Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds / Debentures / Preference Shares (all securities)) | MCA |
| 7 | Credit Rating of Borrowing programme | (@) |
| 8 | Issuer Ratings | (#) |
| 9 | Monitoring Agency | SEBI |
| 10 | Research activities, incidental to rating such as research for Economy & Industries (permitted by SEBI vide SEBI Master Circular for CRAs) | NA |
SEBI – Securities and Exchange Board of India; RBI – Reserve Bank of India; MCA – Ministry of Corporate Affairs
Disclosure : SEBI’s grievance redressal / dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI.
ICRA provides credit ratings for corporate entities, assessing their ability to meet debt obligations in a timely manner. Ratings are assigned to various instruments on a long-term and short-term scale, covering companies in manufacturing, construction, mining, services, agroforestry, and small and medium enterprises. The rating process involves a thorough analysis of financial and operational data, management discussions, and site visits whenever necessary. ICRA's independent and professional approach ensures unbiased ratings, helping investors evaluate credit risk and take informed decisions. Accepted ratings are monitored regularly, with annual reviews if circumstances require, ensuring that the ratings reflect the entity's current financial health and risk profile.
ICRA's financial sector ratings cover banks, financial institutions, non-banking finance companies (NBFCs), and housing finance companies (HFCs). They evaluate the entity's ability to manage funds and meet obligations, considering factors such as scale of operations, regulatory environment, product offerings, and risk management practices. ICRA assesses operating, financial, and management risks, including asset quality, capital adequacy, solvency, and internal controls. The process helps stakeholders understand the creditworthiness and stability of financial sector entities, supporting informed lending and investment decisions. Accepted ratings are monitored regularly, with annual reviews or earlier if circumstances require, ensuring that the ratings reflect the entity's current financial health and risk profile.
ICRA's Structured Finance Ratings (SFRs) assess the ability of structured instruments to meet their pay-out obligations as per the agreed terms. Unlike corporate credit ratings, the SFRs focus on the risks associated with the structure and underlying assets, including legal risk, asset quality, and transaction features. These ratings cover products such as asset-backed securitisation (ABS), mortgage-backed securitisation (MBS) and collateralised debt obligations (CDOs). The SFRs are determined by running cash flow model simulations under various scenarios, reflecting both the probability and the severity of default. The rating symbol includes an SO suffix to indicate a structured obligation. ICRA's SFRs help issuers access new markets and investors, achieve better funding terms, and manage capital and risk more efficiently. Regular monitoring ensures that the ratings remain current and reflect changes in the asset performance or transaction structure.
ICRA assigns ratings to debt programmes in infrastructure sectors such as transportation, energy, communication, social and commercial infrastructure, and water sanitation. The process evaluates the fundamental viability of projects, taking into consideration factors like capital intensity, long gestation periods, and complex risk environments. The assessment includes analysis of political, legal, and regulatory frameworks, as well as contractual arrangements and credit enhancement mechanisms, if any. ICRA's ratings help issuers and investors gauge the bankability and risk of infrastructure projects, supporting private sector participation and investment. Accepted ratings are monitored regularly, with annual reviews if circumstances require, ensuring that they reflect the entity's current financial health and risk profile.
ICRA’s ESG Ratings are assessments of an entity’s performance on Environmental, Social, and Governance (ESG) parameters, providing a holistic measure of its sustainability profile. The evaluation examines how effectively an organization manages its environmental and social impacts under robust governance practices, as well as its progress in transitioning towards more efficient and resilient operations. ICRA’s approach combines sector-specific as well as regional insights with forward-looking analysis to ensure ratings reflect current practices and future sustainability commitments. These ratings give investors, companies, and other stakeholders clear insight into an entity’s ESG profile, supporting informed decision-making towards a sustainable future.
ICRA’s ESG Ratings are assessments of an entity’s performance on Environmental, Social, and Governance (ESG) parameters, providing a holistic measure of its sustainability profile. The evaluation examines how effectively an organization manages its environmental and social impacts under robust governance practices, as well as its progress in transitioning towards more efficient and resilient operations. ICRA’s approach combines sector-specific as well as regional insights with forward-looking analysis to ensure ratings reflect current practices and future sustainability commitments. These ratings give investors, companies, and other stakeholders clear insight into an entity’s ESG profile, supporting informed decision-making towards a sustainable future.
ICRA's 'Credit Perspectives' provide detailed analysis on ratings assigned. These reports broadly cover the following areas: Key rating considerations..
View moreICRA's Rating process starts when the issuer contacts our business team to engage our services.
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