History

CRISIL, originally commonly referred to as Credit Rating Information Services of India Limited, is a significant analytical company based in India. It offers ratings, research, and risk and policy advisory services. As a subsidiary of the American corporation S&P Global, CRISIL has made a substantial impact in its field. The inception of CRISIL can be traced back to 1988 when it was established as India's pioneering credit rating agency. This venture was a collaborative effort by ICICI and UTI, with financial contributions from prominent institutions like SBI, LIC, and United India Insurance Company. In a landmark development in April 2005, the U.S.-based credit rating agency Standard & Poor's gained complete control of a majority stake in CRISIL. Several key milestones mark CRISIL's journey. In 1989, it set a precedent by being the first to rate the Commercial Paper Programme. By 1992, CRISIL had expanded its portfolio to include the rating of banks and various financial institutions, particularly for asset-backed securities and debt instruments. That same year, it was pivotal in bringing forth technical assistance to the Israeli Securities Rating Firm, Maalot, and Malaysia Berhad. On February 4, 1994, CRISIL was listed on the BSE and NSE. A significant partnership was formed in 1996 when CRISIL joined Standard and Poor's forces. This collaboration was aimed at enhancing CRISIL's capabilities and methodologies. This partnership eventually led to Standard and Poor’s becoming the controlling shareholder of CRISIL in May 2005, further solidifying CRISIL's position in the industry. The year 2011 was noteworthy for CRISIL, introducing new metrics such as education scoring, solar scoring, and the Gilt & Gold index. In 2012, the company expanded its global footprint by acquiring a UK-based firm that offered services to major financial institutions. The following year, CRISIL established the CRISIL Foundation to increase financial literacy and promote environmental conservation efforts. CRISIL continued to innovate and lead in its domain. In 2014, it achieved a new milestone by ranking India's first Commercial Mortgage-Backed Securities. More recently, in a significant move, CRISIL gained complete control of Greenwich Associates LLC (‘Greenwich’) in October 2020, a deal initially announced on December 19, 2019. In October 2020, CRISIL Research, renowned as India's largest independent and integrated research house, unveiled the first-ever benchmark indices for the domestic alternative investment fund (AIF) industry.

Business Segments

CRISIL, a leading rating agency in India, operates across various business segments, each catering to specific financial information needs. Here's a breakdown of their key areas:

1. Ratings:This is CRISIL's core enterprise, providing credit ratings for corporates, banks, financial institutions, and infrastructure projects. These ratings assess the creditworthiness of borrowers, guiding lenders and investors in making informed decisions.
2. Research & Analytics:CRISIL delivers in-depth research and analysis on various sectors and industries, covering economic trends, market insights, and company performance. Their reports and data are valuable resources for businesses and investors seeking to make strategic decisions.
3. Advisory Services:CRISIL offers various advisory services, including risk management, corporate finance, and restructuring solutions. They assist businesses in navigating complex financial situations and making informed choices.
4. Sustainability Solutions:Recognising the growing importance of sustainability, CRISIL delivers ESG (Environmental, Social, and Governance) ratings and advisory services. These help businesses assess their sustainability performance and identify opportunities for improvement.
5. Market Intelligence:CRISIL offers market intelligence solutions, including data and insights on specific sectors and companies. This information empowers businesses to stay ahead of the curve and make data-driven decisions.

Subsidiaries of CRISIL

As of December 31, 2022, the company had one Indian and 13 overseas wholly-owned subsidiaries. A few of them are listed below:

1. CRISIL Ratings Limited:A wholly-owned subsidiary of CRISIL and one of India's leading credit rating agencies. It offers credit ratings to a wide range of corporates, banks, financial institutions, and government entities.
2. CRISIL Irevna UK Limited:A wholly-owned subsidiary of CRISIL Irevna, which is a global equity research and analytics company gained complete control of by CRISIL in 2012. CRISIL Irevna UK Limited offers equity research and analytics services to clients in the UK and Europe.
3. Greenwich Associates LLC:It is a US-based provider of market intelligence and strategic insights for the financial services industry. CRISIL and Greenwich Associates have a partnership to provide research and analytics services to the Indian financial services industry.

Key Personnel

Ewout Steenbergen, Chairman Ewout Steenbergen is the Executive Vice President and CFO of S&P Global, managing the Finance department and overseeing the Engineering Solutions Division and Kensho Technologies. He previously served as EVP and CFO at Voya Financial Inc., where he led a successful IPO in 2013. Steenbergen has held various leadership roles at ING, including CFO and CRO for ING Asia-Pacific and CEO positions in the Czech and Slovak Republics. He holds master's degrees in Actuarial Science and Business Administration. Additionally, Steenbergen is the Chair of the Board of Directors for UNICEF USA. Amish Mehta, Managing Director and CEO Amish Mehta, the Managing Director and CEO of CRISIL, has been pivotal in steering the company toward delivering high-quality analytics and solutions globally. Joining CRISIL in 2014 as President and CFO, he later became the COO in 2017, where he led key acquisitions and growth initiatives. With over two decades of experience in various industries, including telecommunications and oil and gas, Mehta has held significant roles at Indus Towers, BP/Castrol India, E&Y, and ExxonMobil India. He is also a member of notable financial committees like FICCI’s Capital Markets Committee and SEBI's Primary Markets Advisory Committee.