Crisil Reports Cessation of ESG Rating Providers Association as Associate Company
Crisil Limited disclosed that ESG Rating Providers Association (ERPA) has ceased to be an associate company after voting rights of its subsidiary Crisil ESG Ratings and Analytics Limited dropped from 50% to 11.11% due to new member admissions. ERPA operates as a Section 8 company serving as an industry association for SEBI-registered ESG Rating Providers. The change required no financial consideration and does not constitute a related party transaction.
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Crisil Limited has announced that ESG Rating Providers Association (ERPA) has ceased to qualify as an associate company due to a significant reduction in voting rights held by its subsidiary. The disclosure was made on March 2, 2026, in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
Background of ERPA Formation
ERPA was established as a Section 8 company limited by guarantee without share capital, formed through Crisil ESG Ratings and Analytics Limited, which is a wholly owned step-down subsidiary of Crisil Limited. The association serves as an industry body for SEBI-registered ESG Rating Providers, with previous disclosures made on August 12, 2024, and April 3, 2025, regarding its formation and subscription.
Voting Rights Dilution
The cessation of associate company status occurred due to the admission of new members in ERPA, which significantly diluted the voting power of Crisil's subsidiary. The voting rights of Crisil ESG Ratings and Analytics Limited decreased substantially from the previous controlling position.
| Parameter | Previous Status | Current Status |
|---|---|---|
| Voting Rights | 50% | 11.11% |
| Company Status | Associate Company | No longer Associate |
| New Members | - | SEBI registered ESG Rating providers |
Regulatory Compliance Details
The company provided comprehensive disclosure information as required under SEBI regulations. Key aspects of the cessation include:
- Financial Impact: Not applicable as ERPA operates as a Section 8 company without share capital
- Transaction Nature: No sale or disposal involved; change due to membership expansion
- Consideration: None received from the change in status
- Related Party Transaction: The change does not constitute a related party transaction
Industry Association Role
ERPA continues to function as an industry association for ESG Rating Providers in India, bringing together SEBI-registered entities in this sector. The expansion of membership reflects the growing ESG rating industry and the need for broader industry representation in the association.
The disclosure was signed by Company Secretary Minal Bhosale and filed with both the National Stock Exchange of India and BSE Limited as part of the company's ongoing compliance with listing regulations.
Historical Stock Returns for CRISIL
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.15% | -1.02% | -11.98% | -16.76% | -5.43% | +104.84% |
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