India Ratings & Research

CRISIL, set up in 1987 as India’s first credit rating agency, is majority-owned by S&P Global and run from CRISIL House in Hiranandani Business Park, Powai; it is listed on the exchanges.

ICRA, set up in 1991 and majority-owned by Moody’s, is the second of the big Indian rating agencies, headquartered in Gurugram with its large Mumbai office at Electric Mansion, Prabhadevi.

CARE Ratings, now CareEdge, was set up in 1993 and is the only large Indian rating agency not controlled by a foreign parent; its head office is Godrej Coliseum at Sion, and it is listed on the exchanges.

Acuité Ratings & Research, the former SMERA set up in 2005 by SIDBI and the banks to rate small enterprises, is a SEBI-registered rating agency headquartered at Lodha Supremus, Kanjurmarg East.

Morningstar India, the Indian arm of the Chicago fund-research company, is headquartered in Navi Mumbai and rates and researches mutual funds and equities for Indian investors and advisers.

Emkay Global, founded in 1995 and listed on the exchanges, is a Mumbai broking and research house headquartered at The Ruby, Dadar West, with institutional equities, wealth and investment banking arms.

Kotak Institutional Equities, the institutional broking and research arm of Kotak Securities at 27BKC, is among the most followed equity research desks in India.