ABOUT AIRA

 

Association of Indian Rating Agencies (AIRA) was incorporated on May 15, 2021, as a Section 8, not-for-profit company. It was established by Acuité Ratings & Research Limited and CARE Ratings Limited, with Brickwork Ratings India Private Limited and Infomerics Valuation and Rating Limited joining shortly after through share subscriptions. AIRA was formed with the objective of enhancing industry standards and representing the collective viewpoint of Indian credit rating agencies (CRAs) before key stakeholders, including Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Ministry of Finance and its Departments, Parliamentary Committees, and other government and regulatory forums.

The Evolution

Credit rating as a concept emerged in the late 19th / early 20th century in the United States when investors needed independent opinions on the ability of issuers—especially railroads and industrial firms—to repay their debts. These agencies pioneered the practice of assigning letter-grade ratings (say AAA to D), which became the global standard.

Over the decades, rating agencies evolved into key players in financial markets, providing opinions not only on corporate debt but also on sovereign bonds, structured finance products, and other complex instruments. Today, rating agencies are recognized worldwide as critical institutions that help channel capital efficiently across markets.

India’s rating industry began in 1987 with the establishment of CRISIL, and subsequently ICRA, CARE Ratings, India Ratings & Research, Brickwork Ratings, Acuite Ratings & Research, Infomerics and Acer Ratings. The Indian rating ecosystem has since matured into a vibrant industry regulated by the Securities and Exchange Board of India (SEBI), with rating agencies now playing a pivotal role in the debt market’s growth and transparency.

Credit ratings are more than just opinions—they are systemically important tools in the financial system as They:
Enable informed investment decisions
Investors use ratings to assess the creditworthiness of borrowers and to price risk appropriately.
Support financial stability
Banks, mutual funds, and insurance companies rely on ratings for regulatory compliance and portfolio management.
Facilitate market development
By reducing information asymmetry between issuers and investors, ratings help deepen bond markets and expand access to capital.
Protect investors
Independent ratings enhance investor protection, especially for retail participants, by offering unbiased and standardized assessments

Without reliable ratings, the flow of capital would be slower, riskier, and more concentrated, weakening both economic growth and financial resilience.

B K Bajaj
Chief Executive Officer, INFOMERICS Valuation and Rating Private Limited

Mr. Bajaj is former General Manager - Chief Risk Officer (CRO) of Canara Bank. Mr. Bajaj is a B.Com (Hons) - Delhi University, CAIIB – Part I, and has 38 years of unblemished banking service including 10 years in top management with excellent track record for implementing controls, increasing efficiency and effectiveness of the Credit Risk, Market Risk, Operation Risk Management, team management and relationship.

Revati Kasture
Executive Director, CARE Ratings Limited

Revati Kasture currently serves as an Executive Director, Business Development at CARE Ratings. Ms Kasture has over two decades of experience in ratings and research. At the organisation, she has developed a reputation for excellence and has handled diverse functions. Heading the criteria and quality control function at CareEdge for the last three years, she has also worked as the profit centre head in her previous roles at the organisation. An all-India merit holder Chartered Accountant and Cost Accountant, she was bestowed with the Professional Achiever-Woman award by the Institute of Chartered Accountants of India in December 2011 and recognised as one of India’s top 100 “Women in Finance” in the Leading Category in March 2019. Passionate about teaching, she is also on the Advisory Board of Symbiosis Institute of Banking and Finance, Pune.

Antony Jose
Director & Chief Rating Officer, Acuite Ratings & Research Limited

As the Chief Rating Officer, Acuite Ratings & Research Limited, Antony is responsible for governance processes and adherence to extant regulatory guidelines. He is in charge of rating committees, rating administration and investor outreach. Antony has an overall work-experience of two decades, spanning roles in Business Development, Rating Operations, and Regulatory Compliance. Prior to Acuité, he worked with CRISIL, and edutech start-ups like iDiscoveri (XSEED). He is a Post Graduate in Business Management from S P Jain Institute of Management Research (SPJIMR), Mumbai. Antony likes to read, watch movies and swim.