Press Release October 14, 2026 NUVAMA WEALTH AND INVESTMENT LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	0.00	1.96	ACUITE AA | Stable | Reaffirmed	-	MCA
Non Convertible Debentures (NCD)	132.41	0.00	ACUITE AA | Stable | Reaffirmed	-	SEBI
Total Outstanding	132.41	1.96	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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) on the Rs. 132.41 Cr. Non-Convertible Debentures of NUVAMA WEALTH AND INVESTMENT LIMITED (NWIL). The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 1.96 Cr. proposed Non-Convertible Debentures of NUVAMA WEALTH AND INVESTMENT LIMITED (NWIL). The outlook is ‘Stable’. Rationale for the rating The rating action factors the specified scenarios of non-payment of debt (principal and/or interest) due to reasons beyond the control of the issuer vide SEBI circular SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/160 dated November 18, 2024. The same has been disclosed in the 'Any other information' section of this press release. The debt-servicing is processed through an escrow account which is funded by the issuer and any failed payments are credited back into and/or not debited from the designated escrow account. Consequently, the interest payment amounting to Rs. 2,077 which was due on October 1, 2026 under ISIN INE523L07710 has been credited back into the escrow account of the issuer due to incorrect or dormant investor account furnished by the investor. The rating reaffirmation factors the sustained growth in business and improvement in the financial risk profile of the Nuvama group. The group’s total revenue increased from Rs. 2,901 Cr. in FY2025 to Rs. 3,122 Cr. in FY2026. Subsequently, PAT of the entity increased from Rs. 985.06 Cr. in FY2025 to Rs. 1,040.26 Cr. in FY2026. The wealth management and asset services account for 55 percent and 24 percent of the revenue, respectively, for FY2026. Revenue diversification across business segments supports a relatively stable earnings profile, mitigating the impact of volatility in capital market movements. The rating movement also factors the healthy capital base and the strong and established market position of Nuvama group. The group’s consolidated networth stood at Rs. 4,123.15 Cr.  as on March 31, 2026 with a gearing of 2.80 times. PAG holds a controlling stake of 54.13 percent in Nuvama Wealth Management Limited as on March 31, 2026. However, Acuite notes its planned exit and it remains a monitorable event from a governance and ownership perspective. The company’s client assets (AUM) grew from Rs. 4,30,651.05 Cr. as on March 31, 2025 to Rs. 4,52,548.35 Cr. as on March 31, 2026. These strengths are partially offset by high volatility in the capital market and risk associated with changes in regulatory environment which might have a bearing on the overall business profile of the company.

About the Company

­Mumbai based, Nuvama Wealth And Investment Limited was incorporated in 2008. It is a 100 percent subsidiary of Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited). It is registered as a trading member with National Stock Exchange of India Limited, BSE Limited, Metropolitan Stock Exchange of India Limited, Multicommodity Exchange of India Limited, National Commodity and Derivatives Exchange Limited and provides broking services to its clients. NWIL is a distributor for various financial products such as mutual funds, bonds, NCDs, structured products, PMS and alternative investment funds, etc. Mr. Rahul Jain is the Managing Director & CEO. Mr. Birendra Kumar serves as the Chairman & Independent Director.

About the Group

­Mumbai based, Nuvama Wealth Management Limited is a public limited company, incorporated in 1993. The company is a stock broking entity registered in India and is licensed with and regulated by the Securities and Exchange Board of India to, among other things, conduct trading and broking activities for institutional and retail clients. The company is also licensed with SEBI to distribute research reports on Indian Securities to its clients. The company is also registered as an Investment Adviser with SEBI. The company is also a member of multiple stock exchanges in India including BSE Limited, National Stock Exchange of India Limited, Multi Commodity Exchange of India Limited, National Commodity & Derivatives Exchange Limited and Metropolitan Stock Exchange of India Limited. PAG is the largest shareholder of Nuvama Wealth Management Limited (Formerly known as Edelweiss Securities Limited) with a shareholding of 54.13 percent as on March 31, 2026.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuite has taken a consolidated view of Nuvama Wealth Management Limited and its subsidiaries (hereafter referred to as NWML Group or the Group) due to the common senior management team, shared brand name, and financial and operational linkages.

Key Rating Drivers

Strength

­Healthy operating performance The group’s total revenue increased from Rs. 2,901 Cr. in FY2025 to Rs. 3,122 Cr. in FY2026. Subsequently, PAT of the entity increased from Rs. 985.06 Cr. in FY2025 to Rs. 1,040.26 Cr. in FY2026. The wealth management and asset services account for 55 percent and 24 percent of the revenue, respectively, for FY2026. The company’s loan book grew from Rs. 4,719.35 Cr. as on March 31, 2025 to Rs. 7,851.59 Cr. as on March 31, 2026. The group’s major sources of income are in the form of fee/commission income and interest income. Revenue diversification across business segments supports a relatively stable earnings profile, mitigating the impact of volatility in capital market movements. Strong market position The group’s offerings include private wealth management, advisory/investment banking, institutional equities, asset management, broking and distribution services to affluent, high-networth individuals (HNIs), ultra HNIs and institutional clients. NWML’s client assets (AUM) grew from Rs. 4,30,651.05 Cr. as on March 31, 2025 to Rs. 4,52,548.35 Cr. as on March 31, 2026 with the wealth management segment having the majority contribution. The group serves more than 4,750 UHNI households, ~12 lakh affluent and HNI, and ~1000 corporates and institutions. Comfortable capital base The group’s consolidated networth stood at Rs. 4,123.15 Cr.  as on March 31, 2026 as compared to Rs. 3,493.11 Cr. as on March 31, 2025. The total borrowings increased from Rs. 7,838.83 Cr.  as on March 31, 2025 to Rs.11,543.52 Cr. as on March 31, 2026. The company’s borrowing profile as on March 31, 2026 consists majorly of CPs (35 percent), NCDs (31 percent) and MLDs (25 percent).  The borrowings largely comprise short term financing to wealth business clients for margin and ESOP financing. The gearing has increased from 2.24 times as on March 31, 2025 to 2.80 as on March 31, 2026. PAG holds a controlling stake of 54.13 percent in Nuvama Wealth Management Limited as on March 31, 2026. However, Acuite notes its planned exit and it remains a monitorable event from a governance and ownership perspective.

Weakness

­Susceptibility to market and regulatory risk Broking and wealth management remains a highly volatile business. The company's operating performance is majorly linked to the capital markets, which are inherently volatile as they are driven by economic and political factors as well as investor sentiments. Any fluctuations in market may impact new client assets which in turn may have a bearing on the revenue. Any changes in regulatory environment might have a potential impact on the overall business and financial risk profile of NWML.

ESG Factors Relevant for Rating

­The company adopted a structured ESG framework aligned with the United Nations Sustainable Development Goals, with initiatives spanning environmental sustainability, social responsibility, and governance practices. On the governance front, it has implemented a board-approved ESG policy and established a dedicated ESG Committee. It published Business Responsibility and Sustainability Report (BRSR) for FY25 and conducted its first Information Security Systems Audit in FY26. All employees have been trained on data privacy and security, and the company reported zero instances of non-compliance, corruption, or data breaches during the year. NWML has four experienced independent directors (including one female independent director) with good mix of business and functional skills. The BRSR for FY 2025–26 is currently undergoing third-party assurance, as per SEBI requirements.

Rating Sensitivity

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

­ Improvement in the earning profile as indicated by ROAA greater than 3.5 percent on a sustained basis, while maintaining strong market position Capital infusion and its impact on leverage position

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

­ Adverse movement in earning profile reflected by ROAA of less than 2% High leverage on a group level sustaining over 3 times and low liquidity buffers

All Covenants

­The major covenants for the ISINs rated by Acuite are as follows: (i) Debentures to rank "pari passu" The Debentures issued under these presents shall rank pari passu inter se without any preference or priority of one over the other or others of them except that priority for payment shall be as per applicable date of redemption. (ii) Redemption The Company agrees and undertakes to redeem the Debentures as specified in the Prospectus and the terms are set out in Part B of this Debenture Trust Deed. (iii) Further borrowings The Company shall, without the approval of or intimation to the Trustee or the Debenture Holder(s), be entitled to make further issue(s) of debentures, raise further loans and advances and/or avail further deferred payment guarantees or other financial facilities from time to time from such persons/ banks/ financial institutions or body corporate/ any other agency subject to the maintenance of Required Security Cover. (iv) The Company further acknowledges, agrees, and shall cause the Account Bank to acknowledge and agree, that the Debenture Trustee is authorised to seek redemption payment related details and information from the Account Bank in terms of the extant SEBI guidelines. The format for the letter to be issued by the Company seeking pre-authorisation for the Debenture Trustee from the Account Bank is annexed herewith as the Sixth Schedule. A duly accepted and acknowledged pre-authorization letter is to be issued by the Account Bank to the Debenture Trustee in the format annexed herewith as the Seventh Schedule. Further, in case of change of Account Bank, the Debenture Trustee shall accept such change only upon submission of the duly acknowledged and accepted pre-authorisation letter from the successor /new account bank. (v) Security Creation In case of a delay in execution a/Trust Deed and Security Documents, the Issuer will refund the subscription with agreed rate of interest or will pay penal interest of atleast 2% p.a. over the Coupon Rate till these conditions are complied with at the option of the investor. (vi) Default in Payment and Other Defaults In case of default in payment of interest and/or principal redemption on the due dates or observance of any other terms, conditions or covenants as per this Deed, Disclosure Document(s) in respect of series of the Debentures, additional interest/ default interest of atleast @ 2% p.a. or such other rate as may be prescribed under the Applicable Law over and above the applicable implicit yield/ Coupon Rate/ Interest Rate will be payable by the Issuer for the defaulting period in respect of such series of the Debentures. (vii) Authorisations The Company shall promptly:                                                                                                                                                                                                      (a) obtain, comply with and do all that is necessary to maintain in full force and effect; and (b) supply certified copies to the Trustee of, any authorisation required under any law or regulation to enable it to perform its obligations under the Transaction Documents (including, without limitation, in connection with any payment to be made hereunder) and to ensure the legality, validity, enforceability or-admissibility in evidence in its jurisdiction of incorporation of the Transaction Documents. (viii) The Company shall discharge its obligations in connection with the Debentures in a reasonable and prudent manner (xi) The Company shall intimate the Debenture Trustee, prior to undertaking or entering into any amalgamation, demerger, merger or corporate restructuring or reconstruction scheme proposed. (x) The Company shall so long as any Debentures are outstanding, not declare any dividend to the shareholders in any year until the Company has paid or made satisfactory provision for the payment of the instalments of principal and interest due on the Debentures. (xi) The Company shall take all steps for completion of the formalities for listing and commencement of trading at the Stock Exchange where the Debentures are to be listed and taken by not later than 6 (six) Working Days from the Issue Closing Date. (xii) The Company shall pay and discharge all taxes, rates, rents and governmental charges upon the Company or its assets under Applicable Laws (xiii) The Company shall attend to the complaints received in respect of the Debentures expeditiously and satisfactorily. (xiv) The Company hereby covenants with the Trustee that so long as the Debentures are outstanding, without the prior written approval of the Trustee, the Company shall not make material modification to the structure of the Debenture in terms of coupon, conversion, redemption, or otherwise. Provided that prior approval of the Stock Exchange would also be required to make such modifications. (xv) The Company shall not forfeit unclaimed interest/dividend and such unclaimed interest/dividend shall be transferred to Investor Education and Protection Fund as per Section 125 of the Companies Act, 2013.

Liquidity Position

Strong

­The company has  strong liquidity position as reflected by unencumbered assets of Rs. 4,212 Cr. of which cash and cash equivalents account for ~30 percent and securities held for trade (G-Sec, Mutual funds, etc.) account for ~45 percent. The company’s strong liquidity position is reflected by its ability to maintain sufficient liquidity cover, as the total debt obligations for FY2027, on a consolidated basis, stands at Rs. 6,418 Cr.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 7850.43 5812.21 Total Income* Rs. Cr. 1733.50 1381.82 PAT Rs. Cr. 298.93 190.38 Net Worth Rs. Cr. 1031.05 844.44 Return on Average Assets (RoAA) (%) 4.38 3.26 Return on Average Net Worth (RoNW) (%) 31.88 22.32 Debt/Equity** Times 4.07 3.41 Gross NPA (%) N/A N/A Net NPA (%) N/A N/A *Total income equals to Net Interest Income plus other income **Debt includes derivative financial instruments  ***All ratios are as per Acuite's calculation

Key Financials (Consolidated)

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 34461.20 28357.57 Total Income* Rs. Cr. 3686.80 3353.85 PAT Rs. Cr. 1040.26 985.06 Net Worth Rs. Cr. 4123.15 3493.11 Return on Average Assets (RoAA) (%) 3.31 4.04 Return on Average Net Worth (RoNW) (%) 27.39 31.01 Debt/Equity** Times 2.80 2.24 Gross NPA (%) N/A N/A Net NPA (%) N/A N/A *Total income equals to Net Interest Income plus other income plus non-controlling interest **Debt includes derivative financial instruments ***All ratios are as per Acuite's calculations

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

­Not applicable

Any Other Information

­ Name of the security ISIN Amount to be paid Due date of payment Amount of payment made Amount of payment failed Reasons for failure of payment NON -CONVERTIBLE DEBENTURES INE523L07710 37,34,134.00 01-10-2026 37,34,134.00 2,077.00 Due to incorrect or dormant investor account furnished by the investor

Applicable Criteria

• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.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 11 Sep 2026 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA | Stable (Reaffirmed) 10 Aug 2026 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA | Stable (Reaffirmed) 28 Jul 2026 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) 28 Jul 2025 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 11.98 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 55.28 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 53.05 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 15.32 ACUITE Not Applicable (Withdrawn) 12 Jun 2025 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.98 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 55.28 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 53.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.32 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA- | Stable (Reaffirmed) 02 Aug 2024 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.98 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 55.28 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 53.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.32 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA- | Stable (Reaffirmed) 04 Aug 2023 Proposed Secured Non-Convertible Debentures Long Term 1.96 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.98 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 55.28 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 53.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.32 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 54.05 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 23.21 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.35 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 36.17 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.63 ACUITE AA- | Stable (Reaffirmed)

­

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

­ Sr. No. Company Name 1 Nuvama and Cushm an & Wakefield Management Private Limited 2 Nuvama Asset Mangement Limited 3 Nuvama Capital Services(IFSC) Limited 4 Nuvama Clearing Services Limited 5 Nuvama Custodial Services Ltd. 6 Nuvama Financial Services (UK) Ltd 7 Nuvama Financial Services Inc 8 Nuvama Investment Advisors (Hong Kong) Pvt Ltd 9 Nuvama Investment Advisors LLC 10 Nuvama Investment Advisors Private Limited 11 Nuvama Mutual Fund Trusteeship Services Limited 12 Nuvama Private (DIFC) Limited (formerly known as Nuvama Wealth Management (DIFC) Limited) 13 Nuvama Trusteeship Services Limited 14 Nuvama Wealth and Investment Limited 15 Nuvama Wealth Finance Limited 16 Nuvama Wealth Management Limited 17 Pickright Technologies Pvt Ltd 18 Nuvama India Access LVF

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 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. 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.