CRISIL Dominates Fresh Issuances as SEBI Expands Credit Rating Avenues

SEBI-registered credit rating agencies assigned ratings to a total of 725 new issuances throughout the 2025-26 timeframe [1]. Alongside this surge in issuance activity, regulatory adjustments by SEBI have opened up new business avenues for credit rating agencies beyond traditional debt ratings [1]. Amidst this evolving regulatory landscape, CRISIL emerged as the dominant player, accounting for nearly half of all the fresh issuances rated during the period [1].

The expansion of business avenues by SEBI marks a structural shift for the credit rating industry, allowing agencies to look beyond conventional revenue streams [1]. The robust volume of 725 new issuances demonstrates active capital market participation [1]. CRISIL's ability to capture nearly half of these fresh assignments highlights its strong competitive moat, operational scale, and entrenched relationships with corporate issuers navigating the new regulatory environment [1].

For market participants, the broadening of business avenues by SEBI diversifies the operational scope of credit rating agencies, potentially altering their revenue mix over time [1]. CRISIL's commanding share of nearly half the fresh issuances points to solid business momentum in its core rating operations [1]. Investors tracking the sector must evaluate how effectively credit rating agencies can monetize these newly unlocked business avenues alongside traditional debt rating mandates [1].

While new regulatory avenues create opportunities, reliance on fresh issuance volumes exposes credit rating agencies to macroeconomic cycles and corporate debt market volatility [1]. Shifts in regulatory frameworks or increased competition among SEBI-registered rating agencies could also influence future market share distribution and pricing power for firms like CRISIL [1].

• SEBI-registered credit rating agencies evaluated 725 new issuances in 2025-26 [1].
• CRISIL captured nearly half of all fresh issuances during this period [1].
• SEBI has opened new business avenues for credit rating agencies beyond traditional debt ratings [1].

• CRISIL

### How many new issuances were rated by SEBI-registered credit rating agencies in 2025-26? SEBI-registered credit rating agencies assigned ratings to 725 new issuances during the 2025-26 period [1].

### What market share did CRISIL secure in fresh issuances? CRISIL accounted for nearly half of all fresh issuances rated by SEBI-registered agencies during 2025-26 [1].

### What changes has SEBI introduced for credit rating agencies? SEBI has opened new business avenues for credit rating agencies that extend beyond traditional debt ratings [1].