Consider the following statements: 1. In India, credit rating agencies are regulated by Reserve Bank of India. 2. The rating agency popularly known as ICRA is a public limited company. 3. Brickwork Ratings is an Indian credit rating agency. Which of the statements given above are correct?

Answer: B. Statements 2 and 3 are correct; Statement 1 is wrong. Statement 1 is WRONG. Credit Rating Agencies in India are regulated by SEBI (Securities and Exchange Board of India), NOT the Reserve Bank of India. SEBI has issued SEBI (Credit Rating Agencies) Regulations 1999 under which CRAs must be registered. RBI does set criteria for using rated instruments by banks (Basel framework), but the rating agencies themselves are SEBI-regulated. Statement 2 is CORRECT. ICRA Limited (formerly Investment Information and Credit Rating Agency of India) is a PUBLIC LIMITED COMPANY listed on BSE and NSE. It is majority-owned by Moody's Investors Service. Other major Indian CRAs (CRISIL, CARE) are also public companies. Statement 3 is CORRECT. BRICKWORK RATINGS is an Indian credit rating agency, headquartered in Bangalore. It is SEBI-registered and rates corporate bonds, NBFCs and state government instruments. India's CRA market includes CRISIL, ICRA, CARE, India Ratings & Research, Brickwork Ratings and Acuite Ratings. Source: SEBI Credit Rating Agencies Regulations 1999 / corporate filings of ICRA and Brickwork.