Crisil Limited has submitted a regulatory filing to the National Stock Exchange of India Ltd. and BSE Limited regarding approval of an amended insider trading policy.

Nature of Disclosure: The company has intimated the stock exchanges under Regulation 8(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 about the approval of an updated 'Crisil Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information'.

Approval Details: The Board of Directors approved the amended code at its meeting held on July 21, 2026. This constitutes version 4 of the policy, effective immediately from the date of approval.

Policy Version History:

  • Version 1: Approved April 17, 2015, effective May 1, 2015
  • Version 2: Approved March 30, 2019, effective April 1, 2019
  • Version 3: Approved November 10, 2021, effective November 10, 2021
  • Version 4: Approved July 21, 2026, effective July 21, 2026

Key Policy Principles: The code establishes principles for fair disclosure including:

  • Prompt public disclosure of unpublished price sensitive information (UPSI)
  • Uniform dissemination through widely circulated media/stock exchanges
  • Designation of Chief Financial Officer as Chief Investor Relations Officer
  • Appropriate response to queries on news reports and market rumors
  • Handling UPSI on a need-to-know basis only

Process Requirements: The policy mandates:

  • Maintenance of a structured digital database containing nature of UPSI and names of persons/entities with whom UPSI is shared
  • Regular updating of the database by insiders or teams responsible for sharing UPSI
  • Sharing information with notice to recipients to maintain confidentiality

Policy Review: The policy requires Board approval for any changes, must be reviewed at least once every three years, and amendments must be promptly intimated to stock exchanges. The policy was last reviewed and updated on July 21, 2026.

Definition of UPSI: The policy comprehensively defines Unpublished Price Sensitive Information to include information relating to:

  • Financial results
  • Dividends
  • Change in capital structure
  • Mergers, acquisitions, disposals, business expansion
  • Changes in key managerial personnel
  • Change in ratings (other than ESG ratings)
  • Fund raising activities
  • Management control agreements
  • Fraud or defaults by company/promoter/director/KMP
  • Resolution plans/restructuring of loans
  • Insolvency proceedings
  • Forensic audits
  • Regulatory/judicial actions
  • Litigation outcomes
  • Guarantees/indemnities not in normal course
  • Key license/regulatory approval changes

Legitimate Purposes: The policy defines legitimate purposes for sharing UPSI including:

  • Professional advice/consultation for deals/assignments/ventures
  • Sharing with intermediaries, advisors, lawyers, bankers, auditors
  • Business transformation and strategy projects
  • Essential sharing with business partners/counterparties
  • Evaluation of new products/business opportunities
  • Statutory consolidation requirements
  • Performance monitoring and oversight duties
  • Processes leading to disclosure of Schedule III events
  • Performance of duties or discharge of legal obligations

Website Hosting: The amended code has been hosted on the company's website at https://www.crisil.com/.

Filing Authority: The communication was signed by Minal Bhosale, Company Secretary & Head – Legal (ACS 12999), and submitted to both NSE and BSE listing departments.