A couple of days after a CRISIL subsidiary received a Sebi nod to provide ESG ratings, ICRA subsidiary Pragati Development Consulting Services Limited (PDCSL), has also received a Sebi nod as an ESG rating entity.
PDCSL is a wholly owned subsidiary of ICRA. It has been registered as a Category-I ESG Rating Provider (ERP) under SEBI’s Credit Rating Agencies Regulations.
This makes it one of India’s few organizations offering comprehensive risk-monitoring solutions. The company submitted an application for ERP registration in September 2023.
Speaking on the development, Ramnath Krishnan, MD & Group CEO, ICRA Ltd, said, “The barometer of value creation is expanding from the tenets of profitability and efficiency. Businesses are playing an active role in preserving, protecting and enriching their commitment towards the environment, society and transparency for every stakeholder.”
He said that investors, particularly from developed markets, prioritize investments in compliant and sustainable companies, bolstering this widening perspective.
L Shivakumar, EVP, Business Development; and Chief Business Officer, ICRA Ltd., commented on the accomplishment, and said, “This milestone demonstrates ICRA’s commitment to ESG assessment and its ability to provide comprehensive and reliable ESG ratings to the market.”