 "Sebi")
Crisil on Thursday announced a transfer of its flagship ratings agency business into a separate, wholly-owned subsidiary to comply with the Sebi mandate for agencies.
The capital markets regulator had given rating agencies time till December 31 to segregate the rating and non-rating businesses so as to avoid any conflicts of interest. In a statement, Crisil said it has completed the transfer of its ratings business to wholly-owned subsidiary called 'Crisil Ratings Limited'.
The transfer was undertaken through a Scheme of Arrangement in terms of Section 230 to 232 of the Companies Act, 2013, and has been approved by the National Company Law Tribunal (NCLT) earlier this year, it said, adding that the same is effective from Thursday.
The new entity focused on ratings has a new and independent board of directors, it said.
The Crisil statement made it clear the segregation will have no impact on its businesses and its stakeholders and added that Crisil Ltd continues to be majority-owned by S&P Global Inc.
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