Our History

Since its inception CRISIL has constantly redefined industry standards through best practices and innovations.
We share with you, key milestones from our journey...

  • January 29: CRISIL, India's first credit rating agency, is incorporated, promoted by the erstwhile ICICI Ltd, along with UTI and other financial institutions.
  • Mr. N Vaghul and Mr. Pradip Shah are CRISIL's first Chairman and Managing Director, respectively.
  • January 1: CRISIL commences operations within a year of its incorporation. The business environment is far from promising for the one-year old - the lending rates are fixed, and India has no such thing as a corporate bond market as yet. And, what's more, credit rating is an idea that's far ahead of its times.
  • The CRISILCARD Service - providing comprehensive information and analytical opinion on India's corporate entities - is launched.
  • Despite the odds, and the initial lack of market acceptance of credit ratings, CRISIL's operations are now well established. It begins to acquire brand identity, with a reputation for analytical rigour and independence.
  • CRISIL offers technical assistance and training to help set up Rating Agency Malaysia Berhad, and MAALOT, the Israeli securities rating company.
  • CRISIL's IPO is a whopping success - its 20, 00,000 shares, sold at a premium of Rs.40 per share, are oversubscribed by 2.47 times.
  • Mr. R Ravimohan takes over as CRISIL's Managing Director.
  • CRISIL diversifies business portfolio with a strategic entry into advisory services, and wins its first major mandate in the infrastructure policy advisory domain.
  • In partnership with the National Stock Exchange of India Ltd (NSEIL), CRISIL develops and launches the CRISIL500 Equity Index, helping investors clue in on stock price movements.
  • CRISIL forges a strategic business alliance with Standard & Poor's (S&P) Ratings Group. The tie-up is part of CRISIL's strategy to develop its skills and processes.
  • S&P acquires a 9.68 per cent stake in CRISIL. The alliance with the world's leading rating agency adds a new dimension to CRISIL's methodologies. It provides CRISIL with exposure to the international rating markets and to S&P's rating processes.
  • CRISIL sets up India Index Services Ltd (IISL), a joint venture with NSEIL, to provide a variety of indices and index-related services and products to India's capital markets.
  • CRISIL's proprietary Risk Assessment Model (RAM) becomes the banking industry standard: given the heightened regulatory focus on the banks' risk management practices, RAM serves as a customised credit rating model for the banks.
  • CRISIL acquires the business, and brand, INFAC, of Information Products and Research Services (India) Pvt Ltd. INFAC is a leading provider of research to India's financial sector. The acquisition strengthens CRISIL's research business, and makes it India's leading provider of integrated research.
  • CRISIL launches the CRISIL Composite Performance Ranking (CRISIL~CPR) to provide performance evaluation standards and investment decision support to mutual fund houses, distributors, and investors.
  • CRISIL sets up subsidiary, Global Data Services of India Ltd, to standardise published financial data for analysis.
  • CRISIL launches Mutual Fund Awards in association with CNBC-TV18 - a benchmark award for India's best performing mutual funds.
  • CRISIL launches the CRISIL Young Thought Leader (CYTL) Award - to attract outstanding talent and provide a platform to India's future business leaders to showcase their views.
    CRISIL sets up:
  • The Centre for Economic Research - to apply economic principles to live business situations
  • CRISIL MarketWire - to provide real-time financial news services to help clients make pricing- and investment-related decisions
  • CRISIL sets up its investment and risk management services group to offer integrated risk management solutions and advice to banks and corporates.
  • CRISIL follows it up with its first overseas acquisition - EconoMatters Ltd (later the Gas Strategies Group), a London-based company providing natural gas related consulting, information and training, and conference-organising services.
  • CRISIL expands its global reach further with an equity investment in the world's first regional rating agency, the Caribbean Information and Credit Rating Services Limited (CariCRIS), which CRISIL also helps set up.
  • The CRISIL Awards for Excellence in Municipal Initiatives are instituted, to recognise outstanding programmes in urban development.
  • The strategic alliance with S&P since 1996 culminates in S&P's acquiring majority control of CRISIL.
  • CRISIL makes its second overseas acquisition, of Irevna, thus adding equity research to its wide canvas of work. Irevna is a leading global equity research and analytics company.
  • CRISIL launches Small and Medium Enterprise (SME) Ratings to serve the specialised needs of the SME sector.
  • CRISIL partners CNBC-TV18 for Emerging India Awards - the first platform to recognize and reward the achievements of India's Small & Medium Enterprises.
  • CRISIL launches IPO grading services to provide investors with independent, reliable, and consistent assessments of the fundamental strengths of new public issues.
  • Irevna is ranked globally as the top Investment Research Outsourcing Firm by The Black Book of Outsourcing.
  • Ms. Roopa Kudva takes over as Managing Director and CEO of CRISIL, following Mr. Ravimohan's appointment as Managing Director and Region Head of S&P, South Asia.
  • CRISIL assigns India's first Bank Loan Rating under the Reserve Bank of India's Basel-II related regulations.
  • The Pension Fund Regulatory and Development Authority awards CRISIL with a prestigious mandate to assist in the selection of Fund Managers under the New Pension Scheme.
  • The Black Book of Outsourcing ranks Irevna the No. 1 Financial Services Industry Analytics Outsourcing Firm.
  • CRISIL launches Real Estate Awards with CNBC AWAAZ. The award honors India's exemplary developers and builders.
  • CRISIL launches Complexity Levels, an initiative to strengthen India's capital markets by providing greater transparency to investors.
  • CRISIL's revenues cross Rs.5 billion in 2008.
  • CRISIL's SME Ratings group assigns its 5000th SME rating.
  • CRISIL captures about half of India's bank loan rating market.
  • Irevna is ranked globally by The Black Book of Outsourcing as the No. 1 Investment Research and Analytics Outsourcing Firm.
  • CRISIL Research launches Independent Equity Research (IER).
  • CRISIL moves into a new, corporate head office - the new CRISIL House, at Powai, Mumbai, is a state-of-the-art, green building.
  • CRISIL SME Ratings crosses its 15,000th SME rating.
  • CRISIL launches Real Estate Star Ratings.
  • CRISIL acquires Pipal Research, further strengthening its leadership in the KPO industry.
  • CRISIL launches Education Grading, beginning with business schools
  • CRISIL Rating enhances access to funding for SMEs; Announces 20,000th SME Rating
  • CRISIL Ratings launches Solar grading
  • CRISIL Research launches Gold and Gilt Index
  • CRISIL Global Research & Analytics receives NASSCOM Exemplary Talent Practices Award
  • CRISIL acquires UK-based Coalition, a company providing high-end analytics to global investment banks
  • CRISIL assigns its 10,000th Bank Loan Rating
  • CRISIL announces its 25,000th SME rating
  • CRISIL transforms the lives of 1000 rural citizens through 'Pragati', a series of financial awareness workshops.
  • CRISIL launches 'Doing what is right: The CRISIL Story', a book on the company's 25-year evolution, on December 19.
  • CRISIL launches four fixed income indices to measure the performance of government securities in the Sri Lankan capital markets in association with NDB Capital Holdings PLC
  • CRISIL launches CRISIL Foundation, a platform for achieving its twin goals of increasing financial awareness and conservation of the environment
  • CRISIL launches CRISIL Inclusix, India’s most comprehensive financial inclusion index which accurately measures the extent of financial inclusion in the country, right down to each of the 632 districts.
  • CRISIL releases its first ‘State of the Nation’ report, a unique top-down-meets-bottom-up analysis that offers a holistic perspective on the economic state of India.
  • CRISIL issues the second edition of the Inclusix, expanding its scope to 638 districts
  • CRISIL launches the 'Of growth and missed opportunity' report which throws light on the implications of high and low growth.
  • CRISIL rates India's first Commercial Mortgage Backed Securities