The board of directors of Crisil ESG Ratings and Analytics Ltd. has approved the formation and subscription to a private company to serve as an industry association for the Securities and Exchange Board of India—ESG Ratings Service Providers.
The proposed name of the private company is Association of ESG Rating Providers.
Crisil ESG will be a subscriber to the entity's Memorandum of Association. The association will have representation from every ESG Rating Provider that has been granted registration from SEBI.
The subscription is subject to the formation of the company, executing necessary documentation, and meeting customary subscription-related filings and approvals, an exchange filing said.
The association is being formed as a private company limited by guarantee and without share capital.
Shares of Crisil rose over 1.00% to trade at Rs 4,415.85 apiece, compared to a 0.08% decline in the NSE Nifty 50.
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