CRISIL Limited has informed the Exchange about Cessation of ESG Rating Providers Association as an Associate Company
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Crisil Limited's step-down subsidiary, Crisil ESG Ratings and Analytics Limited, has lost its associate company status with ESG Rating Providers Association (ERPA). ERPA is a Section 8 non-profit industry body (no share capital) for SEBI-registered ESG rating providers, originally co-founded by Crisil's subsidiary. As new members joined ERPA, Crisil ESG's voting rights dropped sharply from 50% to 11.11%, causing ERPA to cease being classified as an associate company. No consideration or sale is involved — the change happened purely due to dilution from new members joining the association. ERPA did not contribute any turnover, revenue, or net worth to Crisil, and the transaction is not a related-party one.
This is a routine, non-financial disclosure with no material impact on Crisil's earnings or balance sheet. Shareholders should not expect any change in fundamentals — ERPA was an industry association, not a revenue-generating business, so losing associate status is procedural.