CRISIL

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An Indian provider of credit ratings, financial research, risk analysis, data, and advisory services.

Last updated August 27, 2026

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Overview

CRISIL Limited is an Indian financial-services and analytical-information company headquartered in Andheri, Mumbai. Its name originated as an abbreviation of Credit Rating Information Services of India Limited. The company was incorporated on January 29, 1987, and became the first credit-rating agency established in India. Its creation was associated with ICICI and Unit Trust of India, with share capital also provided by State Bank of India, Life Insurance Corporation of India, and United India Insurance Company. CRISIL began operations in a period when India's capital markets were becoming more formalized and investors, lenders, issuers, and regulators needed independent assessments of credit quality. Its original role was to evaluate debt instruments and issuers, but the business subsequently expanded well beyond traditional ratings. Its activities include credit ratings, economic and industry research, risk assessment, financial data, benchmarking, and consulting or advisory work for financial institutions, corporations, asset managers, and other market participants. The company went public in 1993 through an initial public offering. A major ownership change took place in April 2005, when the United States-based rating agency Standard & Poor's acquired a majority stake. CRISIL later became part of the broader S&P Global group while retaining its Indian identity, local market presence, listed-company status, and independent operating brand. The relationship gives CRISIL access to international analytical capabilities and markets, while its Indian platform provides local expertise in credit, research, and financial-sector data. CRISIL's business scope covers ratings for debt and other financial instruments, research on economies and industries, risk-management analysis, and customized analytical and advisory services. Its research and data offerings are used by financial institutions and investment professionals, while its ratings work supports issuers seeking market funding and investors evaluating credit risk. The company has also developed products aimed at measuring business conditions, including CriSidEx, a sentiment index for India's micro and small enterprises created jointly with the Small Industries Development Bank of India. The company has continued to broaden its role as financial markets have incorporated new forms of risk and disclosure. In April 2024, CRISIL received approval from India's Securities and Exchange Board of India to provide ESG scoring in India, extending its analytical activities into environmental, social, and governance assessment. CRISIL also expanded its international financial-services research capabilities through the acquisition of Greenwich Associates LLC, completed in February 2020. CRISIL remains listed on India's National Stock Exchange and BSE, and operates as an S&P Global subsidiary. Its positioning combines domestic Indian credit-market knowledge with research, data, and analytical services intended for clients in India and international financial markets.

History

CRISIL was incorporated on January 29, 1987, during the development of India's modern capital-market infrastructure. It was established as the country's first credit-rating agency, with the initiative associated with ICICI and Unit Trust of India and with capital support from State Bank of India, Life Insurance Corporation of India, and United India Insurance Company. The company's founding addressed a growing need for independent credit information as Indian issuers increasingly accessed debt markets and investors required a consistent way to compare credit risk. The organization introduced its rating activities in 1988. Its early identity was closely tied to the expansion of debt ratings in India: by assessing issuers and instruments, CRISIL helped provide information for lenders, investors, and other market participants. The company later developed a wider analytical business, adding economic and industry research, risk analysis, financial data, benchmarking, and advisory services. This diversification allowed it to serve not only issuers seeking ratings but also banks, asset managers, corporations, and international financial institutions. CRISIL became a public company in 1993 through an initial public offering. The listing gave the business a broader shareholder base and established its continuing presence in India's public equity markets. A second major turning point occurred in April 2005, when Standard & Poor's acquired a majority shareholding. CRISIL subsequently operated as part of the S&P Global group, combining local knowledge of Indian markets with the resources and international reach of a major global financial-information and ratings organization. Over time, CRISIL's work expanded from conventional ratings into data-intensive research and risk services. Its research operations have covered economies, industries, companies, and financial markets, while its analytical services have supported decisions involving credit, investment, risk management, and strategy. The company has also pursued products that address particular segments of the Indian economy. One example is CriSidEx, a jointly developed sentiment index designed to measure conditions among micro and small enterprises using survey-based indicators. CRISIL broadened its international financial-services research capabilities through the acquisition of Greenwich Associates LLC, completed in February 2020. Greenwich Associates brought proprietary benchmarking data, analytics, and qualitative insights used by financial-services firms. The transaction was consistent with CRISIL's movement toward a broader research and information platform rather than a business focused only on domestic ratings. The company has also responded to the rising importance of sustainability information in investment and corporate decision-making. In April 2024, CRISIL received approval from the Securities and Exchange Board of India for ESG scoring in India. This marked an extension of its analytical activities into regulated environmental, social, and governance assessment. Today, CRISIL remains headquartered in Mumbai, listed in India, and controlled through its relationship with S&P Global. Its business combines credit ratings, research, data, risk analysis, and advisory services for Indian and international clients. The brand's historical significance rests on its role as India's first credit-rating agency, while its current identity reflects a broader financial analytics and information-services model.

2024
Approval for ESG scoring
[1]CRISILen.wikipedia.org
CRISIL received SEBI approval to provide ESG scoring in India.
2020
Greenwich Associates acquisition completed
[1]CRISILen.wikipedia.org
CRISIL completed its acquisition of Greenwich Associates LLC, strengthening its financial-services benchmarking and research capabilities.
2018
CriSidEx is launched
[1]CRISILen.wikipedia.org
CRISIL and SIDBI developed CriSidEx, a survey-based sentiment index for India's micro and small enterprises.
2005
Standard & Poor's acquires majority stake
[1]CRISILen.wikipedia.org
In April 2005, Standard & Poor's acquired a majority shareholding in CRISIL, beginning its integration into the S&P Global group.
1993
Initial public offering
[1]CRISILen.wikipedia.org
CRISIL went public through an initial public offering, becoming a listed Indian company.
1988
Credit-rating operations begin
[1]CRISILen.wikipedia.org
CRISIL was introduced as India's first credit-rating agency and began developing the country's organized credit-rating market.
1987
CRISIL is incorporated
[1]CRISILen.wikipedia.org
Credit Rating Information Services of India Limited was incorporated on January 29, 1987, establishing the organization that became CRISIL.

Products and positioning

A leading Indian credit-rating and analytical-information provider combining domestic market expertise with global S&P Global capabilities.

Credit-rating services · 1988
Credit ratings
CRISIL's core business is the assessment of credit quality for issuers and financial instruments. Its ratings support debt-market participants by providing an independent analytical opinion on credit risk and helping issuers communicate their financial standing to investors and lenders.
Research
Financial and economic research
CRISIL produces research and analysis covering economies, industries, companies, and financial markets. These services are used by financial institutions, investors, corporations, and other organizations for market understanding, planning, benchmarking, and investment-related decisions.
Risk and consulting services
Risk analysis and advisory
The company provides risk-focused analytics and advisory work for clients that need to evaluate exposures, improve decision processes, or interpret complex financial and market information. The offering extends CRISIL beyond ratings into broader analytical and consulting engagements.
Business sentiment index · 2018
CriSidEx
CriSidEx is a composite sentiment index created by CRISIL and SIDBI for India's micro and small enterprises. It is based on survey feedback across eight parameters and is intended to provide an evidence-based view of current and expected business sentiment in the sector.
ESG analytics · 2024
ESG scoring
ESG scoring extends CRISIL's analytical activities into environmental, social, and governance assessment. The company received approval from SEBI to provide ESG scoring in India in April 2024.
Financial-services research · 2020
Greenwich Associates research and benchmarking
Following the 2020 acquisition of Greenwich Associates LLC, CRISIL added proprietary benchmarking data, analytics, and qualitative insights serving financial-services firms in international markets.

Marketing campaigns

2018CriSidEx launch
India
CRISIL and SIDBI introduced CriSidEx to make micro- and small-enterprise sentiment more visible through a standardized survey index. The initiative was launched publicly with the participation of former Union Minister for Finance and Corporate Affairs Arun Jaitley.
Outcome. Created a recurring sentiment-measurement framework for India's micro and small-enterprise segment.
Source

Brand decisions

2024
Expand into approved ESG scoringStrategy
Background
Demand for standardized sustainability information increased among investors, companies, and regulators.
Action taken
CRISIL obtained SEBI approval to provide ESG scoring in India.
Aftermath
The approval expanded CRISIL's regulated analytical-services scope beyond conventional credit and financial research.
Source
2020
Acquire Greenwich AssociatesM&A
Background
CRISIL sought to strengthen its international financial-services research, benchmarking, and analytics activities.
Action taken
CRISIL completed the acquisition of Greenwich Associates LLC.
Aftermath
The acquisition added proprietary benchmarking data, analytics, and qualitative insights for financial-services clients.
Source
2018
Launch CriSidExProduct launch
Background
Micro and small enterprises represent an important part of India's economy, but timely standardized measures of their business sentiment were limited.
Action taken
CRISIL and SIDBI created a composite sentiment index based on survey responses across eight parameters, with current-quarter and intended forward-quarter measures.
Aftermath
The index provided an independent time-series framework for monitoring sentiment among micro and small enterprises.
Source
2005
Accept majority acquisition by Standard & Poor'sM&A
Background
CRISIL was an established listed Indian ratings company seeking to operate with broader international scale and capabilities.
Action taken
In April 2005, Standard & Poor's acquired a majority shareholding in CRISIL.
Aftermath
CRISIL became part of the S&P Global group while continuing to operate as a listed Indian company under its own brand.
Source

Recent events

2024
CRISIL receives approval for ESG scoring in India[1]CRISILen.wikipedia.org
Regulation · Product launch
CRISIL received approval from the Securities and Exchange Board of India to provide ESG scoring in India, adding a regulated environmental, social, and governance assessment activity to its analytical-services portfolio.
2020
CRISIL completes acquisition of Greenwich Associates[1]CRISILen.wikipedia.org
M&A
CRISIL completed its acquisition of Greenwich Associates LLC, a provider of benchmarking data, analytics, and qualitative insights for financial-services firms. The transaction expanded CRISIL's research and analytical capabilities in international financial markets.
2018
CRISIL and SIDBI develop CriSidEx sentiment index for micro and small enterprises[1]CRISILen.wikipedia.org
Other
CRISIL and the Small Industries Development Bank of India jointly developed CriSidEx, a composite sentiment measure intended to track business conditions among micro and small enterprises. The index uses survey responses across eight parameters and is designed to provide current-quarter and forward-quarter sentiment readings.

Sources13 sources

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