Former PNB MD Sunil Mehta Launches New Credit Rating Agency ‘Acer Credit’

A new player has entered the India’s credit rating industry – a market currently led by Crisil, Icra, Care Ratings, and India Ratings. Former Punjab National Bank (PNB) Managing Director and CEO Sunil Mehta has launched a new credit rating agency called Acer Credit. The company is backed by Indian Overseas Bank (IOB) and Central Bank of India as promoters.

This marks the first new credit rating agency licence approved by SEBI since 2015, entering a market currently led by Crisil, Icra, Care Ratings, and India Ratings. According to company filings with the Registrar of Companies (RoC), Acer Credit has already received SEBI registration and plans to start operations soon from Gurugram and Mumbai’s Bandra-Kurla Complex.

As per reports, Sunil Mehta and the promoting institutions have invested around ₹25–27 crore in equity to establish the company.

Sunil Mehta, a veteran banker, previously served as the CEO of the Indian Banks’ Association (IBA). He also holds several important positions such as Chairman of PSB Alliance and Independent Director at Jio Financial Services, Jio Payments Bank, and Juniper Hotels. Acer’s board includes several well-known names from India’s financial sector:

• Ajay Kumar Choudhary, former Executive Director at the RBI and current board member at NPCI.
• M.S. Sahoo, former Chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
• Giriraj Prasad Gupta, former Controller General of Accounts (CGA).
• Kamlesh Taneja, former IBBI official, will serve as Executive Director of Acer Credit.

Overview of Acer Credit Rating Private Limited

CIN	U66190HR2024PTC118388
Company Name	ACER CREDIT RATING PRIVATE LIMITED
ROC Code	RoC-Delhi
Registration Number	118388
Company Category	Company limited by shares
Company SubCategory	Non-government company
Class of Company	Private
Authorised Capital(Rs)	30,00,00,000
Paid up Capital(Rs)	27,00,00,000
Date of Incorporation	29-01-2024
Registered Address	UNIT 808, 8TH FLR, SEC-30 SIGNATURE TOWER-B, Gurgaon Gurgaon Haryana India 122001
Whether Listed or not	Unlisted

According to the Ministry of Corporate Affairs (MCA), this company was incorporated on 29-01-2024 and last updated on 02-08-2025. Its Corporate Identification Number (CIN) is U66190HR2024PTC118388, and it carries the registration number 118388. has an authorized share capital of INR 30,00,00,000, with INR 27,00,00,000 paid-up capital.

Acer Credit’s Focus Areas

As per Acer’s Memorandum of Association (MoA) filed with the RoC, the company will provide:

• Credit ratings for short-term and long-term debt instruments.
• Structured finance and mutual fund scheme ratings.
• Resolution plan ratings under insolvency cases.

It will also offer ESG and SME ratings, credit monitoring for large borrowers, and independent credit evaluations (ICE). Apart from ratings, Acer plans to provide financial research, valuation services, advisory solutions, and may develop risk management tools and analytical software.

Currently, India’s credit rating space is dominated by Crisil, Icra, Care Ratings, and India Ratings, which control most of the market. Other smaller players include Acuité Ratings and Infomerics Ratings. Acer Credit’s entry is significant because SEBI had last approved a new rating agency—Infomerics—in 2015. Before that, Acuité Ratings was approved in 2011.

The launch also comes as SEBI plans to introduce new rules for credit rating agencies (CRAs). In a paper released on July 9, 2025, SEBI suggested that CRAs be allowed to rate financial products regulated by other financial authorities like RBI, IRDAI, PFRDA, IFSCA, MCA, and IBBI. However, SEBI has proposed that such non-SEBI-regulated activities be done under separate business units (SBUs), kept independent from their SEBI-regulated functions. These SBUs must maintain separate staff, records, and grievance mechanisms.

CRAs will also need to clearly inform clients that SEBI’s investor protection rules do not apply to those non-regulated activities.