Press Release

Press Release

October 09, 2026

INDITRADE MICROFINANCE LIMITED
Rating Reaffirmed 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	76.83	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	36.13	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	RBI
Non Convertible Debentures (NCD)	10.00	0.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	SEBI
Bank Loan Ratings	0.00	4.00	-	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*	RBI
Total Outstanding	10.00	116.96	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuité has reaffirmed the long-term rating of ‘ACUITE D' (read as ACUITE D) on the Rs. 36.13 Cr. bank facilities of Inditrade Microfinance Limited (IML)on account of information risk.

Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.76.83 Cr. bank facilities of Inditrade Microfinance Limited (IML)on account of information risk.

Acuité has reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A4) on the Rs. 4.00 Cr. bank facilities of Inditrade Microfinance Limited (IML)on account of information risk.

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 10.00 Cr. Non-Convertible debentures of Inditrade Microfinance Limited (IML)on account of information risk.

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

About the Company

Incorporated in 2016, Inditrade Microfinance Limited (IML, erstwhile Tree Microfinance Limited) is an NBFC-MFI engaged in extending microfinance loans to woman borrowers arranged in joint liability groups since 2017. The company has its head office in Mumbai and primarily operates, as of June 2023, through a network of 169 branches across 8 states and 1 Union territory namely Kerala, Tamil Nadu, Karnataka, Bihar, Gujrat, Maharashtra, Odisha, Madhya Pradesh and Puducherry. The company offers funding primarily for income generation activities and education loans for the borrower’s children.

About the Group

Inditrade Group operates through its flagship company Inditrade Capital Limited (ICL; formerly known as JRG Associates). The company was taken over by its promoter Mr. Sudip Bandyopadhyay in 2015 by acquiring 73.4 percent stake from Barings Private Equity Partners. The group is engaged in commodity financing and derivatives & commodity trading since 2016 and in microfinance lending since 2017. The group has commenced Micro Small and Medium Enterprises (MSME) Lending in 2018 and rural marketing and DSA business. ICL operates through 7 subsidiaries namely Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited), Inditrade Microfinance Limited, Inditrade Business Consultants Limited, Inditrade scalerator limited (erstwhile Inditrade commodities Trading Limited), Inditrade Rural Marketing Limited (erstwhile Inditrade Derivatives and Commodities Limited), Inditrade Insurance & Broking Private Limited and Inditrade Technologies Limited (erstwhile Inditrade Housing Finance Limited).

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.

Rating Sensitivity

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

Not Applicable

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

Not Applicable

Liquidity Position

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

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials :

Key Financials- Standalone

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	143.75	202.60
Total Income*	Rs. Cr.	53.41	16.36
PAT	Rs. Cr.	4.99	(20.16)
Net Worth	Rs. Cr.	62.79	47.82
Return on Average Assets (RoAA)	(%)	2.88	(7.26)
Return on Average Net Worth (RoNW)	(%)	9.03	(34.86)
Debt/Equity	Times	1.10	3.09
Gross NPA	(%)	NA	2.78
Net NPA	(%)	NA	1.91

Total income equals to Net Interest Income plus other income

Key Financials- Consolidated

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	394.64	502.75
Total Income*	Rs. Cr.	109.92	102.09
PAT	Rs. Cr.	2.93	(20.34)
Net Worth	Rs. Cr.	193.61	193.57
Return on Average Assets (RoAA)	(%)	0.65	(3.53)
Return on Average Net Worth (RoNW)	(%)	1.51	(9.97)
Debt/Equity	Times	0.81	1.35
Gross NPA	(%)	NA	1.93
Net NPA	(%)	NA	1.07

*Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA

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
10 Oct 2025	Term Loan	Short Term	4.00	ACUITE A4 (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	0.50	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	8.33	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Secured Overdraft	Long Term	0.96	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	2.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	11.50	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	10.00	ACUITE C (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	2.81	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	6.02	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	8.33	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	6.25	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	4.88	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	4.09	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	3.75	ACUITE D (Reaffirmed & Issuer not co-operating*)
11 Oct 2024	Term Loan	Short Term	4.00	ACUITE A4 (Reaffirmed)
	Secured Overdraft	Long Term	0.96	ACUITE C (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE C (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE C (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE C (Reaffirmed)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Reaffirmed)
	Term Loan	Long Term	0.50	ACUITE C (Reaffirmed)
	Term Loan	Long Term	11.50	ACUITE C (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	3.75	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	2.81	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	6.02	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	4.09	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	4.88	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	8.33	ACUITE D (Downgraded from ACUITE C)
08 Apr 2024	Term Loan	Short Term	4.00	ACUITE A4 (Downgraded from ACUITE A3+)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.50	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.88	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	11.50	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	6.25	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	3.75	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.81	ACUITE C (Downgraded from ACUITE BBB-)
	Term Loan	Long Term	6.02	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.09	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	0.96	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	8.33	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	8.33	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
13 Feb 2024	Term Loan	Short Term	0.50	ACUITE A3+ (Upgraded & Withdrawn from ACUITE A4)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Proposed Term Loan	Long Term	43.54	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	4.88	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	11.50	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	10.42	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	6.25	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	4.69	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	9.20	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	6.82	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	7.00	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	8.14	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	10.42	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	1.25	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Secured Overdraft	Long Term	0.96	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	10.00	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	9.00	ACUITE Not Applicable (Withdrawn)
	Secured Overdraft	Long Term	2.95	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	0.54	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	5.86	ACUITE Not Applicable (Withdrawn)
05 Dec 2023	Term Loan	Short Term	4.50	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2)
	Term Loan	Long Term	9.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Secured Overdraft	Long Term	0.96	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.91	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Secured Overdraft	Long Term	2.95	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	9.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	15.22	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	7.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	16.67	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB+)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	0.54	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	16.47	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	18.75	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	11.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	4.88	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	1.75	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	5.86	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Provisional C (Downgraded & Issuer not co-operating* from ACUITE Provisional BBB+)
* The issuer did not co-operate; based on best available information.

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
Not Applicable	INE02Y107057	Non-Convertible Debentures (NCD)	Listed	SEBI	30 Mar 2022	10	30 Mar 2024	10.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	43.54	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bandhan Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.96	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Capital First Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Mar 2017	Not avl. / Not appl.	11 Mar 2024	10.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2022	Not avl. / Not appl.	28 Mar 2024	2.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2021	Not avl. / Not appl.	29 Dec 2024	8.33	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Oct 2021	Not avl. / Not appl.	13 Oct 2024	8.33	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Aug 2021	Not avl. / Not appl.	10 Aug 2024	4.00	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Apr 2021	Not avl. / Not appl.	16 Apr 2024	0.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Sep 2021	Not avl. / Not appl.	16 Sep 2023	4.88	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Aug 2021	Not avl. / Not appl.	10 Aug 2024	11.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Jul 2021	Not avl. / Not appl.	01 Jul 2024	6.25	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Sep 2021	Not avl. / Not appl.	24 Sep 2024	3.75	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Sep 2021	Not avl. / Not appl.	06 Sep 2024	2.81	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Oct 2021	Not avl. / Not appl.	26 Jul 2024	6.02	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2021	Not avl. / Not appl.	29 Sep 2024	4.09	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

* 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	Inditrade Capital Limited (ICL)
2	Inditrade Microfinance Limited (IML)
3	Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited)
4	Inditrade Business Consultants Limited (IBCL)
5	Inditrade Scalerator limited (ISL)
6	Inditrade Rural Marketing Limited (IRML)
7	Inditrade Insurance & Broking Private Limited (IIBPL)
8	Inditrade Technologies Limited (ITL)

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

Ujjwal Srivastva
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

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.
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.

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.