CARE Ratings Limited has announced a leadership transition in its technology department, with the resignation of its Chief Information and Technology Officer and the appointment of a new CTO effective April 1, 2026.

Leadership Transition Details

The company disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Mr. Nadir Bhalwani ceased to be Chief Information and Technology Officer effective March 31, 2026, due to personal reasons. In his resignation communication, Bhalwani expressed appreciation for the support and guidance received during his tenure and wished the organization continued success.

New CTO Profile and Experience

Dr. A Shiju Rawther has been appointed as the new Chief Information and Technology Officer with effect from April 1, 2026. He brings extensive academic credentials and professional experience to the role.

Educational Background

• PhD in Computer Science and Engineering from Hindustan Institute of Technology & Science, Chennai, India
• Bachelor of Engineering in Computer Science & Engineering from Bangalore University

Professional Experience

Dr. Rawther is a technology leader with over 23 years of diversified experience in leading technology and operations teams. His expertise spans several key areas:

• Digital transformation initiatives
• Business process re-engineering
• Aligning technology strategy with business priorities
• Enhancing customer experience
• P&L Management for both large companies and startups

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI Listing Regulations, with the company providing detailed disclosures as required under Schedule III. The communication was signed by Manoj Kumar CV, Company Secretary & Compliance Officer, and submitted to both BSE Limited and The National Stock Exchange of India Limited.

This seamless transition ensures continuity in the company's technology leadership, with Dr. Rawther's extensive experience expected to support the organization's digital transformation and technology strategy initiatives.

CARE Ratings Limited has informed stock exchanges about receiving an administrative warning from the Securities and Exchange Board of India (SEBI) following a regulatory inspection of its credit rating operations. The company made this disclosure under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Action Details

SEBI issued the administrative warning through its communication dated March 24, 2026, which was received by the company on the same date. The regulatory action stems from an inspection conducted by SEBI of CARE Ratings' operations as a Credit Rating Agency for the period spanning May 1, 2024 to March 31, 2025.

Nature of Violations

The administrative warning was issued specifically for inconsistencies observed with respect to disclosure of applicable criteria in Press Releases and Rating Notes. These inconsistencies were identified during SEBI's comprehensive inspection of the company's credit rating agency operations.

Impact Assessment

CARE Ratings has explicitly stated that the administrative warning will have no impact on the company's financial, operational, or other activities. The company emphasized that there is no material impact on its business operations as a result of this regulatory action.

Compliance and Disclosure

The company has fulfilled its regulatory disclosure obligations by informing both BSE Limited and the National Stock Exchange of India about the SEBI communication. Additionally, CARE Ratings has committed to hosting this information on its official website at www.careratings.com to ensure transparency with stakeholders.

The disclosure was signed by Manoj Kumar CV, Company Secretary & Compliance Officer, demonstrating the company's commitment to maintaining proper corporate governance standards despite the regulatory warning.