CARE Ratings Limited announced the following changes in Senior Management Personnels of the Company: Mr. Milind Gadkari shall look after Tech Upgradation and Rating Projects. Earlier, he was Head of Rating Operations. Mr. Padmanabh Bhagavath shall be the Head of Rating Operations of the Company and will look after Internal Control Functions, Operations & Internal Audit etc.

Earlier, he was Head of Large Corporate Group (Analytics). Mr. Ranjan Sharma shall be the Head of Large Corporate Group (Analytics) of the Company. Earlier, he was Head of Criteria & Quality Control Team.

Ms. Smita Rajpurkar shall be the Head of Criteria & Quality Control Team of the Company. She continues to be in the same department. All the aforesaid changes are effective from July 17, 2023.

For Mr. Milind Gadkari reason for change is due to change in their functional role. Brief profile: MMS Finance from Narsee Monjee Institute of Management Studies, Mumbai. Seasoned credit rating professional with over 27 years of work experience.

Has headed & handled various initiatives of CARE in related fields like, structured finance, mutual fund rating, claim paying ability of insurance companies, rating of sub-sovereign entities etc. For Mr. Padmanabh Bhagavath reason for change is due to change in their functional role. Brief profile: B.E (Production), CMA from Institute of Cost Accountants of India and MBA Finance from Indian Institute of Finance, Delhi.

Seasoned credit rating professional with over 30 years of extensive experience in credit risk assessment completing 18 years in CARE Ratings in two different stint. For Mr. Ranjan Sharma reason for change is due to change in their functional role. Brief profile: PGDBM in Finance from K.J. Somaiya Institute of Management Studies and Research, Mumbai.

Seasoned credit rating professional with over 18 years of work experience and nearly 16 years with CARE Ratings. Ranjan has led several teams in Ratings Operations. As a member of the Rating Committee and Quality Control Teams, he has played a key role in several important initiatives involving rating operations over the years.

For Ms. Smita Rajpurkar reason for change is due to larger role in same function. Brief profile: Chartered Accountant and a Seasoned credit rating professional with around 20 years of total work experience, of which over 16 years have been with CARE Ratings. Smita has worked across the ratings, criteria and quality control functions.

Has handled critical responsibilities like liaising with regulators and has been instrumental in bringing about various process improvement initiatives.