CRISIL ESG gets SEBI nod to offer ESG ratings

26 Apr 2024 CW Team

The Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Ltd (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of environmental, social and governance (ESG) ratings.

Says Amish Mehta, Managing Director and CEO, CRISIL Ltd, ?It is our stated aim to grow sustainably and we are excited to have a licence that reinforces our stewardship of this space. The approval comes at an opportune time when ESG disclosures have been improving and there is increasing realisation in the financial markets on the need for independent ESG ratings that will support decision-making for issuers and investors, and channel funds towards sustainable growth of the Indian economy.?

The approval follows SEBI notifications1 amending the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs). Pursuant to, and to comply with, these notifications, CRISIL ESG Ratings was incorporated.

CRISIL is the pioneer of credit ratings in India and has steered many innovations in the space over the past 37 years.

CRISIL launched its ESG ?scoring? business in 2021 and gradually expanded coverage from 225 to ~1,000 companies across ~65 sectors. This business will now be transferred to CRISIL ESG Ratings.

Says Gurpreet Chhatwal, Managing Director, CRISIL Ratings, ?The ESG scores, which will henceforth be called ?ESG ratings?, have already found traction among market participants. These are based on a unique India specific framework that factors in nuances at the sectoral level, while being guided by global best practices. The process includes analysis of more than 500 unique data points across the environmental, social and governance aspects for each company.?

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