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.

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.

Crisil Limited has informed stock exchanges about the designation of authorized personnel responsible for determining materiality of events and making regulatory disclosures under SEBI regulations. The notification, dated February 13, 2026, was sent to both the National Stock Exchange of India and BSE Limited as part of compliance requirements under Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Authorized Personnel Designation

The company has appointed two key managerial personnel with specific authorities for regulatory compliance:

Regulatory Framework

This designation is made pursuant to Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed companies to designate authorized persons for making material disclosures. The appointments are also in accordance with the company's board-approved policy for determining materiality of disclosures.

Authority Distribution

The Chief Financial Officer, Mr. Dinesh Venkatasubramanian, has been granted comprehensive authority including both determining the materiality of events or information and making subsequent disclosures to stock exchanges. The Company Secretary, Ms. Minal Bhosale, has been specifically authorized for making disclosures to stock exchanges, ensuring proper communication channels with regulatory bodies.

Compliance Significance

This formal notification ensures that Crisil Limited maintains proper governance structures for regulatory compliance. The designation of specific personnel with clear contact details facilitates efficient communication between the company and stock exchanges for all material disclosure requirements under SEBI regulations.