After nearly a decade, India has a new entrant in its credit rating industry. Former Punjab National Bank (PNB) MD and CEO Sunil Mehta has floated a new credit rating company with backing from financial institutions Indian Overseas Bank and Central Bank of India as promotors.

The move marks the first new credit rating agency licence granted by SEBI since 2015, expanding a space long dominated by Crisil, Icra, Care Ratings, India Ratings and among others. According to filings with the Registrar of Companies (RoC) reviewed by Moneycontrol, Acer Credit has received SEBI registration and is gearing up to begin operations in the coming months.

Sources said the promoters, including Mehta and the participating financial institutions, have together invested around Rs 25-27crore in equity to capi

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