Press Release

Press Release

April 21, 2026

NATIONAL COOPERATIVE DEVELOPMENT CORPORATION
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	10000.00	ACUITE AAA \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	95000.00	-	ACUITE A1+ \| Reaffirmed	RBI
Total Outstanding	0.00	105000.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has reaffirmed the long term rating of 'ACUITE AAA' (read as ACUITE triple A) on the Rs 10,000.00 Cr. Bank Loan Facilities of National Cooperative Development Corporation (NCDC). The Outlook is 'Stable'.

Acuite has reaffirmed the short term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the Rs 95,000.00 Cr. Bank Loan Facilities of National Cooperative Development Corporation (NCDC).

Rationale for Rating
The rating for National Cooperative Development Corporation (NCDC) factors in the strategic support and ownership from the Government of India (GoI) , being 100% owned by the Government of India (GoI). NCDC was established by an Act of Parliament in 1963 i.e under the NCDC Act 1962. It is a statutory corporation under the Ministry of Cooperation previously under Ministry of Agriculture, Cooperation and Farmers Welfare. The rating further factors in the steady growth in the business profile indicated through an increase in the asset base to Rs 63670.48 Cr. in FY 25 as against Rs 37793.92 Cr. in FY 24, accordingly NCDC registered a robust growth in PAT which stood at Rs 806.67 Cr. for FY 25 as against Rs 573.93 Cr. for FY 24. The rating also takes into consideration the improvements in the asset quality levels indicated by the GNPA for FY 25 at 0.71% as against 1.12% in FY 24 and the NNPA for FY 24 and FY 25 stand at zero percent. Their collection efficiency / recovery of loans has been at 99.84% for FY 25 which has steadily improved from 99.70% for FY 24.

About the company

The National Cooperative Development Corporation (NCDC) was established by an Act of Parliament in 1963 as a statutory Corporation under the Ministry of Agriculture, Cooperation and Farmers Welfare. NCDC is engaged in the planning, promotion and development of cooperatives in agriculture and rural-oriented activities. It provides financial assistance for production, processing, marketing, storage, export and import of agricultural produce, food stuffs and certain other notified commodities besides income-generating activities such as poultry, dairy, fishery, sericulture and handloom. The corporation provides loans in the form of working capital loans to regional and state-level marketing federations, term loans for creation of infrastructure facilities like godowns, cold storages, equipment, transport vehicles boats and other tangible assets and margin money loans to cooperatives to raise working capital finance. The corporation operates through a General Council of 51 members to give shape to its policies and programmes and Board of Management (BoM) of 12 members to cater to the day-to-day activities. Besides its Head Office, NCDC functions through 20 Regional/State Directorates. Various functional divisions look after the programmes. The field offices play an important role in project identification/formulation and oversee its implementation. NCDC provides loans to cooperative societies, state government, and cooperative banks and to multi-state societies. The Registered office is located at New Delhi.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has adopted a standalone approach to analyse the business and financial profile of National Cooperative Development Corporation (NCDC) while factoring the ownership and strategic benefit from the Government of India.(GoI).

Key Rating Drivers

Strength

Wholly owned by the Government of India
National Cooperative Development Corporation (NCDC) was established by an Act of Parliament in 1963 i.e the NCDC Act 1962. It is a statutory cooperation under the Ministry of Cooperation previously under the Ministry of Agriculture, Cooperation and Farmers Welfare and is 100% owned by the Government of India. NCDC provides assistance to farmer cooperatives to improve productivity and production with respect to agricultural produce and processing, inputs supply such as seeds, fertilizers, kerosene oil, etc. NCDC also helps assist different types of cooperatives such as rural industrial cooperative sectors and services in rural areas such as agro credit, sanitation, etc.

The corporation provides loans in the form of working capital loans to regional and state-level marketing federations, term loans for creation of infrastructure facilities like godowns, cold storages, equipment, transport vehicles boats and other tangible assets and margin money loans to cooperatives to raise working capital finance. NCDC provides the financial assistance under various Central Sector Schemes and NCDC Schemes. NCDC receives the support from the Government of India for recovery of loans. The corporation receives grants from the Government of India as and when a certain scheme is been instituted and the funding for the respective schemes is channelled through NCDC. Acuite notes that NCDC has a sanctioned grant for other sectors including fishery, textile and sugar of Rs 2000 Cr. that will be provided in tranches of Rs 500 Cr. annually for a period of 4 years and the first tranche was received in FY26.

The corporation operates through a General Council consisting of 51 members to give shape to its policies and programmes and Board of Management of 12 members to cater to the day-to-day activities. The Managing Director of NCDC is also the additional secretary Ministry of Cooperation appointed by Government of India. Besides its Head Office, NCDC functions through 20 Regional/State Directorates. Various functional divisions look after the programmes. The field offices play an important role in project identification/formulation and oversee its implementation. NCDC provides loans to cooperative societies, state government, cooperative banks and to multi-state societies.

Sound Asset Quality metrics
The Corporation keeps 100% provisions of its NPA. NCDC is not a Non- Banking Financial Company (NBFC) and does not come under the purview of Reserve Bank of India (RBI) but, maintains steady asset quality metrics indicated by the GNPA which saw an improvement for FY 25 at 0.71% as against 1.12 % in FY 24. Their collection efficiency/ Recovery of loans has been at 99.84% for FY 25 as against 99.70% for FY 24. NCDC tries to recover its NPA from borrowers and does not have any policy of write off and has not done any write offs till date.

Steady earning profile
National Cooperative Development Corporation (NCDC) has seen a steady increase in profitability and has earned a PAT of Rs 806.67 Cr. for FY25 as against Rs 573.93 Cr. for FY 24. Owing to the lower cost of borrowings, NCDC has credit cost of the tune of 0.22% for FY 2025 as against 0.34% for FY 2024.
Broad Resource profile
NCDC's resource profile consists of internal accruals, budgetary support from the central government, issuing NCDC bonds (backed by the government guarantee) and commercial paper as well as market borrowings. But as of FY 2026, the corporation stated that there were no bond issuances due to unfavourable market conditions. The corporation presently has market borrowings mainly in the form of lines of credit and term loans. The corporation receives grants from the central government as and when a certain scheme is been instituted and the funding for those schemes is channelled through NCDC. The corporation currently has a sanctioned limit of around Rs. 95,932 Cr. and can avail the credit facilities from various financial institutions including public and private banks as well.

Weakness

Significant exposure to Agriculture and related sectors
National Cooperative Development Corporation (NCDC) primarily provides financial assistance to the cooperative sector. For FY 25, NCDC has a majority lending exposure of ~73% of their loan portfolio to cooperative societies which include District Cooperative Banks and ~18% toward various State Governments. NCDC has majority of its disbursements extended to State Governments, or Government guaranteed loans or Government controlled loans. NCDC has seen a decrease in the sector concentration from marketing towards agriculture produce which contributes 70.03% of its credit portfolio for FY 25 as against 77.36% of its credit portfolio for FY 24. However, owing to strong risk management practices, the asset quality of the portfolio has remained healthy.

Regulatory supervision
As NCDC does not come under the purview of RBI, it is not required to maintain asset classification, capitalisation levels, it does not have sector specific thresholds while providing financial assistance. Hence it is crucial to monitor the impact on NCDC's asset quality periodically which would impact profitability going forward. Additionally, NCDC has its financials audited by the Comptroller and Auditor General (CAG) and the audited financials are presented before both houses of the Parliament. Though NCDC has internal protocols and various committees setup to scrutinize proposals and to periodically monitor and assess sector/section specific exposures and risks involved.

Rating Sensitivity

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

Not Applicable

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

Deterioration in asset quality and GNPA exceeding 4-5 percent.
Impact of any material changes in the market environment on business operations.

Liquidity Position

Adequate

Acuite believes that National Cooperative Development Corporation has an adequately place liquidity position marked by a total sanctioned limit of Rs. 95,932 Cr. as on Feb 27, 2026. Out of which the total utilisation has been to the tune of Rs. 74,520 Cr. NCDC additionally has cash and bank balances of Rs 21.84 Cr. as on March 31, 2025.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY25 (Actual)	FY24 (Actual)
Total Assets	Rs. Cr.	63670.48	37793.92
Total Income*	Rs. Cr.	1293.36	953.68
PAT	Rs. Cr.	806.67	573.93
Net Worth**	Rs. Cr.	7271.42	5849.63
Return on Average Assets (RoAA)	(%)	1.59	1.71
Return on Average Net Worth (RoNW)	(%)	12.30	10.21
Debt/Equity	Times	7.45	5.33
Gross NPA	(%)	0.71	1.12
Net NPA	(%)	0.00	0.00

*Total income equals to Net Interest Income plus other income.
**Networth here means NCDC Corpus/funds

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

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
• 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
07 Jul 2025	Line of Credit	Short Term	3000.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	4000.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	1400.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	1000.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	3060.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	1500.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	2000.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	8500.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	2000.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	500.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	1000.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Cash Credit	Short Term	11000.00	ACUITE A1+ (Reaffirmed)
	Short-term Loan	Short Term	4000.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	100.00	ACUITE A1+ (Reaffirmed)
	Line of Credit	Short Term	1500.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	20000.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Loan	Short Term	1140.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Loan	Short Term	21500.00	ACUITE A1+ (Assigned)
	Cash Credit	Short Term	5200.00	ACUITE A1+ (Reaffirmed)
	Cash Credit	Short Term	2000.00	ACUITE A1+ (Assigned)
	Proposed Long Term Loan	Long Term	4015.00	ACUITE AAA \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	2000.00	ACUITE AAA \| Stable (Assigned)
	Term Loan	Long Term	1000.00	ACUITE AAA \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AAA \| Stable (Reaffirmed)
	Term Loan	Long Term	950.00	ACUITE AAA \| Stable (Reaffirmed)
	Term Loan	Long Term	2000.00	ACUITE AAA \| Stable (Reaffirmed)
23 Oct 2024	Line of Credit	Short Term	8500.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	400.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	100.00	ACUITE A1+ (Assigned)
	Cash Credit	Short Term	4800.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	3060.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	20000.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	1000.00	ACUITE A1+ (Assigned)
	Cash Credit	Short Term	11000.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	300.00	ACUITE A1+ (Assigned)
	Working Capital Demand Loan (WCDL)	Short Term	600.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	1500.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	100.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	4000.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	500.00	ACUITE A1+ (Assigned)
	Short-term Loan	Short Term	2000.00	ACUITE A1+ (Assigned)
	Proposed Short Term Loan	Short Term	9040.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	3000.00	ACUITE A1+ (Assigned)
	Line of Credit	Short Term	100.00	ACUITE A1+ (Assigned)
	Term Loan	Long Term	950.00	ACUITE AAA \| Stable (Assigned)
	Term Loan	Long Term	3300.00	ACUITE AAA \| Stable (Assigned)
	Term Loan	Long Term	300.00	ACUITE AAA \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	3450.00	ACUITE AAA \| Stable (Assigned)

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
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	07 Feb 2026	Not avl. / Not appl.	Not avl. / Not appl.	11000.00	Simple	ACUITE A1+ \| Reaffirmed
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	13 Dec 2024	Not avl. / Not appl.	Not avl. / Not appl.	7200.00	Simple	ACUITE A1+ \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	26 Nov 2024	Not avl. / Not appl.	Not avl. / Not appl.	2000.00	Simple	ACUITE A1+ \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	16 Oct 2025	Not avl. / Not appl.	Not avl. / Not appl.	10000.00	Simple	ACUITE A1+ \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	06 Feb 2026	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A1+ \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	23 Sep 2024	Not avl. / Not appl.	10 Sep 2025	5000.00	Simple	ACUITE A1+ \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	13 Aug 2024	Not avl. / Not appl.	Not avl. / Not appl.	20000.00	Simple	ACUITE A1+ \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	08 Jan 2025	Not avl. / Not appl.	Not avl. / Not appl.	1000.00	Simple	ACUITE A1+ \| Reaffirmed
BANK OF INDIA (BOI)	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	25 Jun 2024	Not avl. / Not appl.	24 Jun 2025	10000.00	Simple	ACUITE A1+ \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	11 Mar 2024	Not avl. / Not appl.	Not avl. / Not appl.	3000.00	Simple	ACUITE A1+ \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	28 Mar 2024	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1+ \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Line of Credit	Unlisted	RBI	28 Aug 2024	Not avl. / Not appl.	11 Aug 2025	100.00	Simple	ACUITE A1+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3465.00	Simple	ACUITE AAA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3900.00	Simple	ACUITE A1+ \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	07 Feb 2026	Not avl. / Not appl.	Not avl. / Not appl.	5000.00	Simple	ACUITE A1+ \| Reaffirmed
Deutsche Bank	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	03 Oct 2025	Not avl. / Not appl.	Not avl. / Not appl.	1900.00	Simple	ACUITE A1+ \| Reaffirmed
SUMITOMO MITSUI BANKING CORPORATION	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	03 Feb 2025	Not avl. / Not appl.	31 Jan 2026	1500.00	Simple	ACUITE A1+ \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	21 Dec 2024	Not avl. / Not appl.	Not avl. / Not appl.	2000.00	Simple	ACUITE A1+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	23 Dec 2024	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A1+ \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	04 Feb 2025	Not avl. / Not appl.	Not avl. / Not appl.	6200.00	Simple	ACUITE A1+ \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	19 Jun 2023	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A1+ \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	10 Feb 2026	Not avl. / Not appl.	Not avl. / Not appl.	3600.00	Simple	ACUITE A1+ \| Reaffirmed
Deutsche Bank	Not avl. / Not appl.	Short-term Loan	Unlisted	RBI	23 Aug 2024	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1+ \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	08 Jan 2025	Not avl. / Not appl.	03 Mar 2026	35.00	Simple	ACUITE AAA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Sep 2025	Not avl. / Not appl.	30 Sep 2027	2000.00	Simple	ACUITE AAA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Sep 2025	Not avl. / Not appl.	30 Sep 2027	3000.00	Simple	ACUITE AAA \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2025	Not avl. / Not appl.	28 Nov 2029	1500.00	Simple	ACUITE AAA \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	05 Jun 2024	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1+ \| Reaffirmed

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	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.
³There 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.
⁴ 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.
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.