Press Release August 21, 2026 A K CAPITAL SERVICES LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	922.10	ACUITE AA- | Stable | Reaffirmed	-	RBI
Total Outstanding	0.00	922.10	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

­Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 922.10 Cr. bank facilities of A K Capital Services Limited (AKCSL). The outlook is 'Stable'. ­Rationale for the rating The rating continues to factor in the established presence & track record of A K Capital Services Limited (AKCSL) as a merchant banker in the debt capital market, experienced management, strong risk management systems and diverse base of institutional clients. The rating further factors in comfortable capital structure of AKCSL (on a consolidated basis) marked by net worth and gearing of Rs. 1131.73 Cr. and 2.74 times as on March 31, 2026. The lending arm of the Group, AKCFL too exhibited healthy capitalization levels with CAR of 35.63 percent as on March 31, 2026. The rating also reflects the improvement in the earnings profile, sound asset quality and prudent risk management practices of AKCFL (subsidiary of AKCSL). As on March 31, 2026, AKCFL reported no slippages and the gross non-performing assets was nil. The rating also factors in the demonstrated ability of the group to raise funds from banks and capital markets across various maturities at competitive rate, which has enabled them to optimise the cost of funding. These strengths are partly offset by economic cyclicality and other macroeconomic factors in the debt market which can result in volatility in overall earnings profile. On the lending front, AKCFL’s top ten exposures accounted for 41.70 percent of its total exposures as on March 31, 2026 as against 45.96 percent of its total exposures as on March 31, 2025. Further, the Group’s performance is also susceptible to the economic cyclicality and other macroeconomic risks inherent in the debt capital market as reflected in consolidated total income of about Rs. 335.59 Cr. during FY2026 which saw an improvement from Rs. 260.59 Cr. FY2025.

About the Company

­Incorporated in 1993, Mumbai based AKCSL, a SEBI registered Category I Merchant Banker, is promoted by Mr. A K Mittal. The company is engaged in merchant banking, investment and financial advisor related activities in the fixed income market is a leading player in the corporate debt market segment through management of private placements as well as public issues. The merchant banking activities conducted by AKCSL involves corporate debt raising through private placement of fixed income securities and initial public issue of bonds and debentures.

About the Group

A K Capital Finance Limited(AKCFL), incorporated in 2006, is a subsidiary of A K Capital Services Limited., a leading SEBI registered Category 1 Merchant Banker in India. Incorporated in 2006, A. K. Stockmart Private Limited (AKSMPL) is a full service brokerage house with membership of India’s two key stock exchanges viz,–NSE and BSE.  Incorporated in November 2006, A. K. Wealth Management Private Limited (AKWMPL) is a SEBI registered portfolio management company which is a wholly owned subsidiary of A. K. Capital Services Limited. Incorporated in July 2013 and domiciled in Singapore, A. K. Capital Singapore Pte. Ltd. (AKCSP) is registered with Monetary Authority of Singapore as a financial services company. Family Home Finance Private Limited (FHFPL) is wholly owned subsidiary of A K Capital Finance Limited and step-down subsidiary of A K Capital Services Limited. FHFPL is registered with National Housing Bank as a Non-Deposit taking Housing Finance Institution. The A. K. Group is a financial conglomerate offering a comprehensive range of services and solutions spanning the financial markets of the country. Through its various arms, the group offers services to the corporate and retail segments spanning wealth management, debt advisory, retirement solutions, broking and distribution, project financing, etc.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has taken consolidated view on the business and financial risk profile of A K Capital Services Limited (AKCSL) and its subsidiaries, A K Capital Finance Limited (AKCFL), A. K. Stockmart Private Limited, Family Home Finance Private Limited, A.K. Capital (Sinagpore) Pte. Ltd, A.K. Alternative Assets Managers Private Limited, A.K Capital Corporation Private Limited and A.K. Wealth Management Private Limited for analysing AKCFL’s credit profile. This consolidation is in the view of the common promoters, shared brand name and strong financial and operation synergies.

Key Rating Drivers

Strength

­­­­Established presence in debt market Incorporated in 1993, A K Capital Services Limited (AKCSL) is a SEBI registered Category-I Merchant Banker engaged in management of private placements as well as public issues and is one of the leading players in the corporate debt market segment. The merchant banking activities conducted by AKCSL involves corporate debt raising through private placement of fixed income securities and initial public issue of bonds and debentures. AKCSL managed debt assignments of Rs. 2,41,009 Cr. translating to a market share of 34.00 percent in FY2026 as against debt assignments of Rs. 3,85,639 Cr. translating to a market share of 46.10 percent in FY2025. AKCSL has established strong relationship with diverse base of institutional clients including Indian Corporates, Banks, NBFCs, FIs, Provident & Pension Funds, Insurance Companies, Mutual Funds, AIFs and various fund houses. AKCSL along with its subsidiaries which are engaged in lending, investment and financial advisory services have demonstrated progressive presence in undertaking and executing transactions in debt market segments like Structure Financing & Corporate Debt Restructuring, Debt Portfolio & Private Wealth Management Services and Investment advisory & Retirement Trust Solutions. Comfortable capitalization and gearing; diversified funding mix On consolidated basis, AKCSL has healthy capitalisation levels marked by networth of Rs. 1131.73 Cr. as on March 31, 2026 (Rs. 1011.22 Cr. as on March 31, 2025). The Group has demonstrated ability of the group to raise funds from banks and capital markets across various maturities at competitive rate, which has enabled them to optimise the cost of funding. The gearing ratio is comfortable at 2.74 times as on March 31, 2026, 3.13 times as on March 31, 2025. On standalone basis, AKCSL reported networth and gearing of Rs 527.15 Cr. and 0.96 times respectively as on March 31, 2026 as compared to a networth and gearing of Rs. 499.78 Cr. and 1.51 times respectively as on March 31, 2025. Acuité believes that the current capital levels along with internal accruals for the Group provide sufficient room for medium-term growth of its multiple businesses along with the requirement of buffers for any asset quality shocks at AKCFL level. Healthy asset quality; sound risk management practices Incorporated in 2006, AKCFL, lending arm of the Group, is a Mumbai based systemically important non-deposit taking nonbanking financial company (NBFC-ND-SI) engaged in the business of lending to or investing in bonds of corporate borrowers with high credit quality and lending against highly rated securities. Since FY2022, AKCFL increased exposure to private sector entities (mostly high investment grade entities) in the form of loans and advances and NCDs primarily driving up the AUM (AUM; including current investments, non-current investment, loans & advances and inventory of debt securities) to Rs. 3,386.49Cr. as on March 31, 2026 from Rs.3,040.03 Cr. as on March 31, 2025. The shift in the lending and investment strategy was mostly driven in response to the buoyant debt/credit market. Nonetheless, Acuite notes the Group’s philosophy to not aggressively grow its investments instead churn it to reduce the concentration risk. While AKCFL has been following prudent risk management practices with respect to lending, collateral events like deterioration in the credit quality of borrowers and decline in security prices can impact its performance with regard to its asset quality and earnings profile. AKCFL has demonstrated the ability to identify any potential weakening of credit quality and accordingly unwind its exposure in a timely manner. Its market intelligence and its established presence as an intermediary in the fund raising segment help in maintaining the balance between yields and asset quality. Acuité believes that AKCFL’s prudent lending policies, robust risk management practices and strong market intelligence derived from its longstanding experience in the debt market will support its ability to scale up its operations and maintain healthy asset quality.

Weakness

­Susceptibility of performance to the debt segment of capital markets The group is susceptible to the economic cyclicality and other macroeconomic risks inherent in the debt capital market can result in volatility in overall earnings profile of AKCSL as reflected in consolidated total income of about Rs. 335.59 Cr. during FY2026 as compared to Rs. 260.59 Cr. during FY2025. The revenue profile during FY2026 resulted in consolidated Profit after Tax (PAT) of about Rs. 114.04 Cr. which saw an improvement from Rs 87.13 Cr. during FY2025. Further, adverse events such as a sharp spike in inflationary pressures or hardening of interest rates could translate into muted credit off take. The Group has traditionally focused on low risk segments such as quality corporate papers, government securities and fully collateralized loans. On a standalone basis, AKCFL reported marginally higher profitability as reflected in profit after tax (PAT) of about Rs. 73.53 Cr. during FY2026 as compared to Rs.  67.82 Cr. during FY2025 mainly driven by uptick in dealing income derived from downselling of debt investments and increase in business of onward lending. On a standalone basis, AKCSL reported a profit after tax (PAT) of about Rs. 61.59 Cr. during FY2026 as compared to Rs. 32.85Cr. during FY2025. Client concentration in merchant banking & corporate lending businesses In term of the lending business front, AKCFL has primarily focused on the corporate lending segment (mainly financial services and real estate focused HFCs) and hence the loans are relatively chunkier in nature, ticket size range between Rs.5 - 50 Cr. The performance of the borrowers is subject to the vulnerabilities in the underlying sectors. The key risks inherent in such corporate lending activities is that slippages in one or two large accounts may impact the operating performance of the company for that period. While AKCFL has in the past successfully exited risky exposures and curtailed its overall exposure to private sector corporates, occurrence of the future credit events can have a bearing on the performance and profitability of the company. AKCFL’s top ten exposures accounted for 41.70 percent of its total exposures as on March 31, 2026 and 45.96 percent of its total exposures as on March 31, 2025.Given the strong presence in the debt capital market, AKCFL also regularly churns its investments to reduce the concentration risk in the portfolio. While AKCFL has been following prudent risk management practices with respect to lending, collateral events like deterioration in the credit quality of borrowers and decline in security prices can impact its performance with regard to its asset quality and earnings profile. Acuité, believes that AKCFL’s future credit profile will be influenced by its ability to optimise the balance between high yields (i.e. more risky exposures) on one hand and healthy asset quality (i.e. low risk exposures) on the other. The ability to optimise its earnings while maintaining asset quality shall be critical. The maintenance of a healthy liquid profile on an ongoing basis (in the form of unencumbered cash or unutilised bank lines) will also be a key monitorable considering the corporate lending of the business.

ESG Factors Relevant for Rating

­A K Group 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 debt capital market to avoid fraud, insider trading and other anti-competitive behavior. 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. AKCSL’s board comprises of a total of seven directors out of which three are independent directors and one woman director. The Group maintains adequate disclosures with respect to the various board level committees mainly Audit Committee, Nomination and Remuneration Committee along with Risk Management Committee. The Group also maintains adequate level of transparency with regards to business ethics issues which can be inferred from its policies relating to code of conduct, whistle blower protection and related party transactions. In terms of its social impact, the Group is making contributions to funds working towards socio economic development, environmental sustainability, eradicating poverty and promoting sanitation.

Rating Sensitivity

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

Sustained improvement in profitability, broader income diversification, and expanded operating scale. Maintenance of RoTA above 2.5 percent on a sustained basis

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

Significant decline in revenue and profitability and/or a material rise in credit risk  Gearing ( excluding TREPS/Repo borrowings) exceeding 4.00 times on a sustained basis Deterioration in Credit Quality of securities in the Asset portfolio.  Changes in Regulatory environment.

Liquidity Position

Adequate

The AK  Capital Group maintains an adequate liquidity position, supported by expected inflows from cash and cash equivalents, loans, and investments amounting to Rs. 3,695.74 crore, against debt repayment obligations of Rs. 2,102.92 crore falling due within one year from March 31, 2026.

Outlook: Stable

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Other Factors affecting Rating

None

Key Financials - Standalone / Originator

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 1045.98 1270.76 Total Income* Rs. Cr. 139.02 82.39 PAT Rs. Cr. 61.59 32.85 Net Worth Rs. Cr. 527.15 499.78 Return on Average Assets (RoAA) (%) 5.32 2.67 Return on Average Net Worth (RoNW) (%) 11.99 6.65 Debt/Equity** Times 0.96 1.51 Gross NPA (%) N/A N/A Net NPA (%) N/A N/A *Total income equals Net Interest Income plus other income. **Debt/Equity includes TREPS /Repo Borrowing Ratios as per Acuité calculations

Key Financials (Consolidated)

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 4283.06 4239.63 Total Income* Rs. Cr. 335.59 260.59 PAT Rs. Cr. 114.04 87.13 Net Worth Rs. Cr. 1131.73 1011.22 Return on Average Assets (RoAA) (%) 2.68 2.17 Return on Average Net Worth (RoNW) (%) 10.64 8.89 Debt/Equity** Times 2.74 3.13 Gross NPA (%) N/A N/A Net NPA (%) N/A N/A *Total income equals Net Interest Income plus other income. **Debt/Equity includes TREPS /Repo Borrowing Ratios as per Acuité calculations

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

­None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 25 Sep 2025 Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 250.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 26.60 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.50 ACUITE AA- | Stable (Reaffirmed) 25 Sep 2024 Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 100.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 250.00 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 12.85 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) 03 Sep 2024 Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 250.00 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 11.60 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) 01 Feb 2024 Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 250.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.00 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 24.10 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.90 ACUITE Not Applicable (Withdrawn) 27 Oct 2023 Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 250.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 23.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.90 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 24.10 ACUITE AA- | Stable (Reaffirmed) 05 Jan 2023 Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.60 ACUITE AA- | Stable (Reaffirmed) Secured Overdraft Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 38.90 ACUITE AA- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)

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

­ Sr. No. Company Name 1 A K Capital Services Limited 2 A K Capital Finance Limited 3 A. K. Stockmart Private Limited 4 Family Home Finance Private Limited 5 A K Wealth Management Private Limited 6 A K Capital (Singapore) Pte. Limited 7 A.K. Capital Corporation Private Limited 8 A.K. Alternative Assets Managers Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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 6 RBI 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 a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11 b Fixed Deposits raised by Banks 7 + 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 6 RBI 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) 7 + 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   1 Includes 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. 3 The 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. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   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 8 Not applicable 8 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. 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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.