Rating agency ICRA has announced that it has applied for an ESG Rating Provider (ERP) license under its wholly-owned subsidiary, ICRA ESG Ratings Ltd.
ICRA ESG Ratings Ltd (proposed a change of name from Pragati Development Consulting Services Ltd, subject to the approval of the statutory authority) proposes to provide ESG Ratings and scores, under the SEBI’s Credit Rating Agencies Regulations, amended and notified in July 2023, according to a statement.
“ICRA is poised to bring its expertise to this pivotal segment through ICRA ESG Ratings. I would like to highlight ICRA’s commitment to expanding its offerings and strengthening its presence in the realm of ESG ratings, said Ramnath Krishnan, MD & Group CEO of ICRA.
The subsidiary’s primary focus will be on the business of Environmental, Social, and Governance (ESG) ratings.
The operations under this entity will commence post-receipt of the requisite license from SEBI.