Press Release

Press Release

May 28, 2026

SHARE INDIA SECURITIES LIMITED
Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	70.00	ACUITE BB+ \| Downgraded \| Issuer not co-operating*	-	RBI
Non Convertible Debentures (NCD)	0.00	150.00	PP-MLD \| ACUITE BB+ \| Downgraded \| Issuer not co-operating*	-	MCA
Bank Loan Ratings	0.00	1330.00	-	ACUITE A4+ \| Downgraded \| Issuer not co-operating*	RBI
Total Outstanding	0.00	1550.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has downgraded its long-term rating to 'ACUITE BB+' (read as ACUITE double B Plus) from 'ACUITE A+' (read as ACUITE A plus) on Rs. 70.00 Cr. bank facilities of Share India Securities Limited(SISL).

Acuite has downgraded its long-term rating to 'PP-MLD ACUITE BB+' (read as Principal Protected Market Linked Debentures ACUITE double B Plus) from 'PP-MLD ACUITE A+' (read as Principal Protected Market Linked Debentures ACUITE A plus) on Rs. 150.00 Cr. Proposed principal protected market linked debentures of Share India Securities Limited (SISL).

Acuite has downgraded its short-term rating to 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A1+' (read as ACUITE A one plus) on Rs. 1330.00 Cr. bank facilities of Share India Securities Limited (SISL).

The rating has been downgraded on account of information risk.

The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.

About the Company

Share India Securities Limited (SISL) was incorporated in 1994 and offers broking services in various segments and providing depository services, distribution of mutual funds, and insurance broking. The company became a corporate member of the Bombay stock exchange in the year 2000 and launched depository services of Depository Participant under Central Depository Services Limited (CDSL) in 2010. SISL is headquartered in Gujarat and has a Head office in Mumbai. SISL has 280 branches and franchises as on March 31, 2025.

About the Group

The Share India Group is promoted by Mr. Sachin Gupta, Mr. Praveen Gupta and Mr. Rajesh Gupta. The group is engaged in various activities like Broking (Equity, F&O, Currency & Commodity Segment), Proprietary Trading, Wealth Management, Portfolio Management, Depository Participant, NBFC, Insurance and Merchant Banking. Broking services and trading activities remain the core activities of the Group.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

ESG Factors Relevant for Rating

Share India Securities Limited, has a diversified revenue stream with a majority portion accruing from the financial services sector. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behaviour. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry. The company’s board comprises of a total of fourteen directors out of which seven are independent directors and two are female directors. SISL maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. SISL also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, SISL is actively engaged in community development programmes through its CSR committee.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

No information provided by the issuer / available for Acuite to comment upon

Potential triggers (individual or collective) for a downward rating action:

No information provided by the issuer / available for Acuite to comment upon

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon

Outlook: Not applicable

Other Factors affecting Rating

None

Key Financials - Consolidated

Particulars	Unit	FY26 (Actuals)	FY25 (Actuals)
Operating Income	Rs. Cr	1470.26	1448.57
PAT	Rs. Cr	324.44	328.08
PAT Margin	(%)	22.07	22.65
Total debt/Tangible net worth	Times	0.26	0.22
PBDIT/Interest	Times	4.49	6.01

Key Financials - Standalone

Particulars	Unit	FY26 (Actuals)	FY25 (Actuals)
Operating Income	Rs. Cr	1227.27	1137.81
PAT	Rs. Cr	297.69	246.63
PAT Margin	(%)	24.26	21.68
Total debt/Tangible net worth	Times	0.21	0.19
PBDIT/Interest	Times	4.92	5.92

Status of non-cooperation with previous CRA

Not applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
02 Jun 2025	Secured Overdraft	Long Term	10.00	ACUITE A+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	2.00	ACUITE A+ \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	58.00	ACUITE A+ \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	175.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	52.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	25.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	49.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	80.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	99.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	230.00	ACUITE A1+ (Reaffirmed)
	Proposed principal protected market linked debentures	Long Term	150.00	ACUITE PP-MLD A+ \| Stable (Reaffirmed)
02 Jan 2025	Secured Overdraft	Long Term	10.00	ACUITE A+ \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	58.00	ACUITE A+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	2.00	ACUITE A+ \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	99.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	230.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	175.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	80.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	52.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	25.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	49.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1+ (Reaffirmed)
	Proposed principal protected market linked debentures	Long Term	150.00	ACUITE PP-MLD A+ \| Stable (Reaffirmed)
03 Jan 2024	Proposed Long Term Loan	Long Term	57.75	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Secured Overdraft	Long Term	10.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Secured Overdraft	Long Term	0.25	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Secured Overdraft	Long Term	2.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Bank Guarantee (BLR)	Short Term	175.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	325.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	300.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Proposed Short Term Bank Facility	Short Term	135.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Proposed principal protected market linked debentures	Long Term	150.00	ACUITE PP-MLD A+ \| Stable (Upgraded from ACUITE PP-MLD A \| Stable)
03 Jan 2023	Proposed Long Term Loan	Long Term	57.75	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.25	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	175.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	325.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	300.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A1 (Assigned)
	Proposed Short Term Bank Facility	Short Term	135.00	ACUITE A1 (Assigned)
	Proposed principal protected market linked debentures	Long Term	150.00	ACUITE PP-MLD A \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Bandhan Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	99.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	175.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	230.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
Federal Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	80.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
BANK OF INDIA (BOI)	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	90.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
DCB Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
A U Small Finance Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
UCO BANK	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	49.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
IDFC First Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	58.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A+ )
Not Applicable	Not avl. / Not appl.	Proposed principal protected market linked debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Complex	PP-MLD \| ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE PP-MLD A+ )
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A1+ )
BANK OF INDIA (BOI)	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A+ )
YES BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A+ )

* The issuer did not co-operate; based on best available information.

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company name
1	Share India Securities Limited
2	Share India Fincap Private Limited
3	Share India Insurance Brokers Private Limited
4	Share India Securities (IFSC) Private Limited
5	Share India Capital Services Private Limited
6	Total Securities (IFSC) Private Limited
7	Silverleaf Securities Research Private Limited
8	Share India Global Pte. Ltd.
9	Share India Smile Foundation
10	Algowire Trading Technologies Private Limited
11	Share India Algoplus Private Limited (Formerly Total Commodities (India) Private Limited)
12	Utrade Solutions Private Limited

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nivedita Gokul
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.