ECRL obtained credit rating license from Bangladesh Securities and Exchange Commission (BSEC) in June 2010 as per Credit Rating Companies Rules 1996. BSEC is the regulator of the country’s capital market, enacted through the Securities and Exchange Commission Act 1993. In accordance to BSEC Rules 2004, every public offering of debt instruments, shares at premium and right share issued at premium are to be rated by an External Credit Rating Institution (ECAI).
ECRL received Bangladesh Bank’s accreditation as an ECAI in October 2010. ECRL’s rating methodologies are developed within the guidance of Bangladesh Bank (BB), which is the central bank and apex regulatory body for the country’s monetary and financial system. In accordance to Bangladesh Bank’s circular no. 06 through BRPD, every financial institutions and NBFI are to be rated by an ECAI along with bank loans sanctioned by the financial institutions.
ECRL has received accreditation with Insurance Development & Regulatory Authority Bangladesh (IDRA) in February IDRA’s mission is to make the insurance industry the premier financial service provider in the country and as per Bangladesh Bank’s circular, every life and general insurance company needs to prepare credit rating reports with validity of one year.
Emerging Credit Rating Limited achieved its membership with ACRAA (Association of Credit Rating Agencies in Asia) on April 2011. The membership enables and requires ECRL to uphold a degree of service quality and conduct of operation. ACRAA helps to promote interaction and exchange of ideas, experiences, information, knowledge and skills among credit rating agencies in Asia, adoption of best practices and common standards that ensure high quality and comparability of credit ratings throughout the region, promoting the development of Asia’s bond markets and cross-border investment throughout the region.
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