Morningstar India

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.

India Ratings, the Indian arm of Fitch Ratings, runs from Wockhardt Towers in Bandra Kurla Complex and rates banks, companies and structured finance.

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.

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.

SEBI is the regulator of the securities market, set up in 1988 and given statutory powers in 1992; its head office is SEBI Bhavan in Bandra Kurla Complex.