About Us

  • Corporate Profile
  • Vision, Mission & Value
  • Achievements
  • Board of Directors
  • Senior Management
  • CARE's role in Indian Capital Market
  • Code Of Conduct

CARE Ratings commenced operations in April 1993 and in over 27 years, it has established itself as the second-largest credit rating agency in India. With the rating volume of debt of around Rs.141.1 lakh crores (as on March 31, 2020) , CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence.CARE Ratings has emerged as the leading agency for covering many rating segments including manufacturing, infrastructure, financial sector including banks, non-financial services among others.

CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.

CARE Ratings’ registered office and head office, is located at 4th floor, Godrej Coliseum, Somaiya Hospital Road, Sion (East), Mumbai 400 022. In addition, CARE Ratings has regional offices at Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Hyderabad, Jaipur, Kolkata, New Delhi and Pune.

To enhance its scope of business CARE Ratings has been nurturing global opportunities and made forays in different forms:

- launched a new international credit rating agency ‘ARC Ratings’ with 4 partners from Brazil, Portugal, Malaysia and South Africa.

- Established a subsidiary CARE Ratings (Africa) Private Limited (CRAF) in Mauritius with equity partnership from African Development Bank (AfDB). CRAF is recognized by Bank of Mauritius as an External Credit Assessment Institution.

- Established a subsidiary “CARE Ratings Nepal Ltd” to undertake rating services in Nepal which is licensed by the Securities Board of Nepal. CRNL provides credit ratings and related services inthe geography of Nepal.

- Entered into strategic alliance with Japan Credit Ratings Agency (JCR)

- Signed a Memorandum of Understanding (MoU) with Russian Rating Agency - Analytical Credit Rating Agency (ACRA) to assist each other towards developing a multilateral credit rating framework and undertake joint analytical research work

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency


"To be a respected company that provides best - in its field - quality and value services”
2013 onwards
“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency

Mr. V. Chandrasekaran

Mr. V Chandrasekaran is a Non Executive Director of our Company. He is a qualified Chartered Accountant and retired Executive Director (Investment) LIC of India. He has more than 3 decades of experience in Life Insurance Finance, Housing Finance and Mutual Fund Investment, with adequate exposure to a gamut of Investments. Also involved in Investment decision making processes, Investment Monitoring & Accounting and Investment Research and Risk Management. He is a Board Member of Tata Asset Management Company Ltd., Tamil Nadu Newsprint and Paper Boards Ltd (TNPL), UTI Ventures Company Pvt Ltd, LIC HFL Asset Management Company Ltd and LEI India Ltd

Mr. Adesh Kumar Gupta

Mr. Adesh Kumar Gupta is a Non Executive Independent Director of our Company. He has more than 35 years of experience working exclusively with the Aditya Birla Group out of which last 15-20 years in various senior leadership roles, last one being the Whole time Director and CFO of Grasim and Director – UltraTech. Mr. Gupta is also an Insolvency Professional registered in Insolvency and Bankruptcy Code. Currently He is Managing a business consultancy partnership ProBizAdvisor and Business Excellence LLP and is an Independent Director in Zee Entertainment Enterprise Ltd, Essel Mutual Fund, besides Some Entities of Aditya Birla Group and other companies.

Ms. Sonal Desai

Ms. Sonal Desai is a Non Executive Independent Director of our company. Currently she is working as Executive Director at Sushrut Hospital (a 100 bedded Charitable Trust Hospital). She is also an advisor to Prashanti Medical Trust (Sathya Sai Hospital). Prior to this she was working with Hindustan Petroleum Corporation Ltd (HPCL) as Executive Director-Refinery Finance with additional responsibility of Head-Corporate Social Responsibility (CSR). Her vast experience of 33 years comprised of handling not only pure finance and accounting functions but also commercial and embedded functions, which resulted in rare blend of leadership experience and functional competency. Her assignments provided her unique experience and expertise in business areas such as Marketing, Operations, Projects and Refineries Management. A Qualified Chartered Accountant with an Executive Diploma in Hospital Administration from TISS, Ms. Desai is an international conference speaker and has addressed gatherings of various CxOs in UK, India and Europe.

Mr. Najib Shah

Mr. Najib Shah is a Non Executive Independent Director of our Company. An officer of the 1979 batch of Indian Customs & Central Excise services he retired as Chairman of the Central Board Excise & Customs (CBEC). As the Chairman of CBEC and as a special invitee to the GST council, he was closely involved with the process leading to the formulation of the GST Laws. In his illustrious career spanning more than 37 years, Mr. Shah held several important assignments, including in the High Commission of India, Singapore, Commissioner of Customs, Nhava Sheva, Joint Secretary in the Ministry of Finance and Director General - Directorate of Revenue Intelligence. He was also associated with the implementation of the WTO Agreement on Trade Facilitation, to which India is a signatory, and in initiating several reforms on Customs business processes. He is the recipient of the Presidential Award for Distinguished Record of Service.

Dr. M Mathisekaran

Dr. M. Mathisekaran is a Non – Executive Independent Director of our company. He was Director General - Labour Bureau, Government of India. Initially he worked as Assistant Professor of Economics before joining Indian Economic Service in 1981. He has held various positions in Central and State Government Organizations. He has worked as General Manager (Vigilance) in Food Corporation of India and Chief Vigilance Officer in Port Trust of India. He also worked as Deputy Director, Director and Economic Adviser in the Forward Markets Commission at different points of time. He was involved in research and monitoring & evaluation of central Government sponsored programs meant for socio economic development. He has also worked with Government of Tamil Nadu as Director, Evaluation and Applied Research.

Mr. Ananth Narayan

Mr. Ananth Narayan is a Non – Executive Independent Director of our company. He is an IITian from Mumbai and a gold medallist from IIM, Lucknow and has experience of more than two decades in the field of Finance. His stint as Co-Head in Standard Chartered Bank has gained him hands on experience in financial markets trading and sales experience across India, South Asia and ASEAN as well as in foreign exchange, fixed income, debt capital markets, asset liability management and research. He has managed a team of 450 members across 12 countries in ASEAN & South Asia, with a top line of US$ 800m. He has also held various senior positions in his career in organizations like Standard Chartered Bank, FIMMDA, FEDAI, CDSL and many more. He has also been a member of several RBI Working Groups. He is presently Associate Professor, SP Jain Institute of Management & Research.

Mr. Ajay Mahajan

Mr. Ajay Mahajan is the Managing Director & CEO of our company. He is a widely experienced financial services expert with 30 years in banking and capital market businesses. He worked in organizations like Bank of America where he started his career in 1990 and went on to become MD & Country Head of Global Markets Group. Here he also led the initiative of building the first 100% foreign owned NBFC in the country to do primary dealership and credit fixed income. Thereafter, Ajay joined YES BANK in a top management role to build out multiple functions like Financial Markets, Investment Management, Financial Institutions and International Banking. Ajay moved thereafter to UBS in 2008 to build their India franchise from scratch, another deeply entrepreneurial role. In three years of joining UBS had most credit, Financial Markets, Debt Capital Markets and Retail Products in India. Ajay's last assignment was a 7 year long stint in IDFC Group which he joined in 2013 to play a hugely transformative role to lead the conversion of their Infrastructure financing business to a multi-product, multi-segment wholesale banking business comprising Corporate Credit, SME Credit, Financial Markets, Government Banking, Financial Institutions and International Banking. Besides, this role required building teams, systems, processes and cutting-edge technologies to support the wholesale bank’s growth. Ajay was one of the founding members of FIMMDA, the financial markets SRO in India and headed product development committee and several other initiatives for market development. He also held the Vice Chairman role at FIMMDA. While at this role, he was also entrusted with heading a sub committee, a part of Jaspal Bindra Committee constituted in 2001, under the aegis of RBI to work on development of the financial markets and derivatives markets in India. Ajay holds a Bachelor of Engineering in Electrical & Electronics Engineering from BITS Pilani, and an MBA from FMS (where he was a Gold medalist) and is also CFA Charter holder from CFA Institute, USA.

CARE Ratings’s management team is its biggest strength. Besides planning, decision making and matters of strategic importance, issues relating to development of people, etc are also taken care of by the management team. The team is instrumental in providing guidance and technical expertise thereby enabling constant improvisation in rating techniques and procedures. Under its guidance and value-added initiatives, the company has been growing consistently over the past decade, thus providing indispensable inputs to the investor community.

Mr. Ajay Mahajan
Managing Director & Chief Executive Officer
Mr. T.N. Arun Kumar
Executive Director & Chief Ratings Officer
Mr. Mehul Pandya
Executive Director
Mr. Navin Kumar Jain
Executive Director & Company Secretary
Ms. Revati Kasture
Senior Director
Mr. Milind Gadkari
Senior Director
Ms. Swati Agrawal
Senior Director
Mr. Sanjay Kumar Agarwal
Senior Director
Mr. Amod Khanorkar
Senior Director
Mr. Madan Sabnavis
Chief Economist
Mr. Padmanabh Bhagavath
Senior Director
Mr. A Shiju Rawther
Chief Information & Technology Officer
Mr. Bharat Adnani
Chief Financial Officer
Mr. Sandeep Palodkar
Director & Head HR
Mr. Saikat Roy
Ms. Jyotsna Gadgil
Ms. Priti Agarwal

Capital Market, both primary and secondary segments, play a vital role in economic development because of its linkages with the banking systems and investment communities (including foreign capital flows). The vibrancy of capital market comes from its volume and varieties of trades of financial instruments, its liquidity and ability to raise capital by attracting fresh investments, which are derivatives of sound investor confidence and transparency. CARE Ratings is committed to play a key role by providing professional, insightful and independent informed opinion through various grading and rating services, which can serve as a valuable input to build investor confidence.

CARE Ratings’s credit rating for debt instruments (viz debentures, bonds, asset-backed securities etc) is a highly-valued credit risk opinion, which helps the investors to effectively monitor and manage investments based on their respective risk-return policies. On the other hand, it imparts the issuers with financial flexibility for wider access to funds at a market-determined cost related to their credit risk. It can also provide a helping hand for establishing business relationships (including collaborations) and awarding contracts to the counter parties.

CARE Ratings’s grading products viz IPO Grading and Equi-Grade have proved to be valuable means for primary and secondary market development respectively. IPO Grading, through its opinion on fundamentals, works as one of the important inputs to form long-term equity investment decision for public offerings. On the other hand, the investor community can have an unbiased and analytical opinion on the fundamentals and valuations of any listed entity through Equi-Grade product.

For the regulators, CARE Ratings’s rating services facilitate in determining the eligibility criteria and entry barriers for different types of securities, to monitor financial soundness of borrowers and to promote overall efficiency in the debt market. Our Equi-Grade product can also be useful to the stock exchanges for investor education and improve liquidity in the secondary market. Thus, services of CARE Ratings Ratings increase the transparency, leading to a healthy development of the capital market.

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency

Best Practices

I. Code Of Conduct (Code Of Ethics) For Directors And Senior Management

II. ACRAA Best Practices Checklist - CARE Ratings's Position

III. CARE Ratings’s Code Of Conduct – IOSCO Compliance

IV. CARE Ratings Corporate Social Responsibility (CSR) policy

Code Of Conduct (Code Of Ethics) For Directors And Senior Management

A credit rating agency is expected to observe highest standards of integrity and fairness in all its dealings. The directors and senior management personnel are expected to articulate the high standards of honesty, integrity, ethical and law abiding behaviour in the organisation. All the Directors and Senior Management personnel of the Company are expected to read and understand the Code of Conduct and follow these standards in performance of their duties and comply with all applicable laws, rules and regulations. All the Board members and Senior Management personnel shall affirm compliance with the Code on an annual basis. For this purpose, “Senior Management” shall mean members of management at the level of Deputy General Manager and above.

Honesty and Integrity

The Directors/senior management shall act honestly and with integrity in all of their dealings for the company. They should not make any promise or commitments which the company does not intend to or would be unable to honour. Directors and senior management will not use company information obtained by them for personal gain whether financial or otherwise or for the benefits for any other person or business.


Directors and senior management will ensure that confidential information relating to customers, employees and Company’s operations is not given either inadvertently or deliberately to third parties without consent of the Company obtained in writing and subject to confidentiality agreement entered into with the client..

Conflict of interest

Directors and senior management shall fully disclose active private or other business interests promptly and any other matters which may lead to potential or actual conflicts of interests with CARE Ratings. No personal benefit shall be derived by influencing any decisions of the company on any commercial transaction.

Protection and proper use of assets

The Company expects each Director and Senior Management Personnel to use all reasonable endeavours to protect any Company asset and to ensure its efficient use.

Compliance with laws, regulations, policies and procedures

Each Director and Senior Management Personnel must:

i)comply with applicable laws, rules and regulations;

ii)comply with the policies and procedures of the Company, including its corporate code of conduct and code of conduct for insider trading; and

iii)encourage other officers and employees to do the same.

Reporting of any illegal or unethical behaviour

Directors and senior management shall promptly contact the Chairman of the Audit Committee or Managing Director or the Compliance Officer if any director or senior management personnel believe that he or she has observed illegal or unethical behaviour by any employee, officer or director, or by anyone purporting to be acting on Company’s behalf. Whistle Blower policy of the Company provides adequate protection to employees raising bonafide issues.

Payments, Gifts, Entertainment and Travel

Directors and senior management shall not use their status to seek personal gain from those doing business or seeking to do business with the Company. Directors and senior management shall not accept any gift or other benefits except those extended as a part of social custom.

Waivers and Modifications

Waivers of this code of Conduct will be granted only when determined to be appropriate under the circumstances and in accordance with applicable law, and only upon approval by the Board of Directors or an authorised committee thereof. This Code of Conduct is also subject to modification by the Board of Directors at any time in order to ensure continued compliance with applicable laws, rules and regulations.

ACRAA Best Practices Checklist - CARE Ratings Position

CARE Ratings is a founder member of Association of Credit Rating Agencies in Asia (ACRAA). ACRAA was formed on September 14, 2001 by Asian Credit Rating Agencies and it is assisted by Asian Development Bank (ADB). ACRAA was formed to promote:

• exchange of skills and ideas amongst Asian rating agencies

• establishment of best practices and norms of conduct among Asian rating agencies

• development of financial markets in Asia

A significant initiative undertaken by the Best Practices Committee of ACRAA was to create the ACRAA Best Practices Checklist. All Member Agencies are expected to declare their positions on each of the items in the checklist. CARE Ratings’ position on these items is set out below.


1) Specification and description of Rating Process and Criteria

CARE Ratings has a clearly specified and publicly disclosed rating processes and criteria for arriving at a rating.

2) Published and explicit Ratings Review / Appeal Process

CARE Ratings has put in place a structured review and appeal process.

3) Policy on Rating Withdrawals

Ratings are normally withdrawn only when the rated instrument is fully repaid or extinguished. Exceptions are made only in case of specific instruments/ratings; such exceptions are disclosed in Withdrawal Policy on our website. Further, CARE Ratings may suitably revise the ratings based on available information before withdrawing the assigned ratings. In extreme cases of issuer non co-operation, when the issuer does not provide the information sought by CARE Ratings for monitoring the rating in a timely manner, despite adequate efforts by CARE Ratings, CARE Ratings shall categorize the issuer as ‘non-cooperating’. In case of non-cooperating clients, CARE Ratings reviews the rating of instrument(s)/facilities on the basis of the ‘best available information’. CARE Ratings discloses the aspect of non-cooperation in its press release along with the reasons for non-cooperation, details of follow-up done by CARE Ratings for getting the information etc.

4) Policy on Disclosure of unaccepted ratings

CARE Ratings started publishing details of unaccepted credit ratings assigned from January 1, 2017. Details include name of the issuer, name/type of instrument, size of the issue, rating and outlook assigned, date of rating. These disclosures are a part of the ‘Regulatory disclosures’ and continue for a period of one year from date of such disclosure. Additional details about the unaccepted ratings would be disclosed by CARE Ratings and its employees only to Government/regulatory authorities, if required by law and formally requested for by the agencies or in case of misrepresentation by rated entity. Such disclosure of ratings in exceptional circumstances is provided for in the rating mandate obtained from rated entity. Further, CARE Ratings does not monitor unaccepted ratings.

5) Policy on surveillance

CARE’s credit ratings are normally kept under surveillance during the life of the instrument with a detailed annual review involving interaction and discussion with the management of the rated entity. Rating review can also be triggered by any major development in the company or in the industry, which may have a significant bearing on the creditworthiness of the issuer.

6) Policy on code of ethics of ratings agency and its staff

All our staff members are governed by staff rules which also includes ethical conduct. Staff members, directors and rating committee members required to comply with an elaborate code of conduct . As per company’s policy, compliance of the code of conduct has to be certified annually by all staff members, directors and rating committee members.

7) Validity of ratings

Once accepted, CARE’ credit ratings are valid for the life of instrument or till their withdrawal. Also, a rating may be revised based on a periodic review by CARE Ratings during the life of the instrument.

8) Publication on the Limitations of

i) Rating Rigour

ii) Information adequacy

iii) Currency

Limitations of rating are disclosed in our brochure and website http://www.careratings.com/.

9) Assurance or guarantee of ratings

CARE does not, either implicitly or explicitly, give any assurance or guarantee of a particular rating prior to a rating assessment. This policy, however, does not preclude us from developing prospecting assessments used in structured finance and similar transactions.

10) Policy on Compliance Officer

We have policies and procedures that specify the role of a compliance officer. Policies have also been instituted that encourage employees to report activities illegal, unethical, or in any way contrary to the CRA’s code of conduct to the Compliance Officer.

11) Separation of analyst compensation and revenue from issuer

The compensation of individual analysts is not based on the amount of revenue that the CRA derives from the issuers that the analysts rate or with whom the analysts regularly interacts.


12) Published Policy on dependence on third parties:

i) Auditors

ii) Trustees

iii) Consultants

iv) Experts

CARE generally relies on authenticated information furnished to it while undertaking the rating exercise. Nevertheless, reasonable due diligence is carried out to cross check and verify the reliability of information. CARE also makes suitable adjustments to the financial statements, where required to ensure that a meaningful rating exercise is done.

13) Disclosure of Interests

In case CARE's rating committee/board and the board of the rated entity have any common member, such members do not participate in the rating process of the concerned entity. This is also disclosed publicly wherever applicable.

14) Separation of businesses

Our credit rating business and rating analysts are operationally separated from any other business that may have a potential for conflict of interest.

15) Disclosure of general nature of fee arrangements with rated entities

We disclose the general nature of fee arrangements with rated entities on our website.

16) Disclosure of non-rating revenues from rated entities

CARE Ratings discloses the “Issuer wise percentage share of non-rating income of CARE Ratings and its subsidiaries to the total revenue of CARE Ratings and its subsidiaries from that Issuer” on its website.

17) Trading Policy for CRA employees

CARE Ratings’ Code of Conduct for its employees includes trading policy, which, amongst other things, prohibits employees from transacting in securities when they possess confidential information concerning the issuer.

18) Policy on employees directly involved in the rating process initiating, or participating in, discussions regarding fees or payments with the rated entity.

It is our policy to exclude rating analysts from business development activities. The business development team and senior management are involved in Business development.


19) The Ownership of the agency

The ownership profile of CARE Ratings is disclosed on our website.

20) The agency’s Management and Board Structure

Composition of board members is disclosed on our website and in corporate brochures. Analyst contact is also available on the web site.

21) Constitution of the Rating Committee

Composition of rating committee is disclosed on our website and in corporate brochure.

22) Disclosure of what Ratings issued by the agency mean

CARE’s ratings for debt instruments indicate the probability of default of the rated instruments.

CARE Ratings also carries out performance evaluation for various entities, some of which include construction entities, parallel marketers of LPG/Kerosene. These are not credit ratings and carry specific definitions. In addition, CARE Ratings carries out claims paying ability ratings of insurance companies and corporate governance ratings which have separate, specific definitions. These definitions are available on our website and in corporate brochure and other publications.

23) Policy on time to communicate ratings

New ratings are normally made public on acceptance by the issuer with a few exceptions where regulations require all ratings to be made public or the rating exercise is carried out for private use. With regard to surveillance of outstanding ratings, it is CARE's policy to disseminate rating decisions immediately after advising the issuer. Reasonable time is provided to issuers to appeal for a review.

24) Guidelines on Rating Rationale: timeliness

CARE Ratings' rating rationale is published simultaneously with the announcement of rating.

25) Guidelines on Rating Rationale: content

Our rating rationales provide details including factors taken into account while arriving at the rating which encompasses the key rating drivers and their description encapsulating both strengths and weaknesses, rating outlook, key rating sensitivities, the analytical approach taken, applicable criteria, factual details of the entity along with major financial information, and rating history for the last three years.

26) Publication of Default and Transition statistics

Rating transition and Default statistics are regularly compiled and disseminated to public.

27) Existence and publication of a Policy on Unsolicited Ratings: whether they will be undertaken, if so based on what information.

CARE does not undertake unsolicited ratings.

28) Policy on preserving confidentiality of privileged information (and exceptions for regulatory queries)

CARE Ratings does not reveal confidential information obtained during the rating exercise to anyone under any circumstances, except when required by law to specified authorities. CARE Ratings’ Confidentiality Policy is disclosed on the website.


29) Publication of the CRA code of conduct

CARE Ratings has an elaborate Code of Conduct for its staff members, directors and rating committee members. The Code of Conduct for Board/Senior Management of CARE Ratings is disclosed on our website.

30) Existence of a dedicated function/group within the organization charged with informing market participants and public regarding any questions, concerns, or complaints that the CRA may receive.

Senior Management and Sector Heads interact/respond to market participants and public regarding any questions, concerns or complaints that CARE Ratings may receive.


CARE has aligned its code of conduct with ‘Code of Conduct Fundamentals for credit rating agencies’ (the ‘IOSCO Code’) issued by the International Organization of Securities Commissions (IOSCO), as amended upto July 2018. The same is attached here.

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency