Detailed Explanation:

Answer: Option 2 — 2 and 3 only

This question tests knowledge about the regulatory framework and nature of credit rating agencies in India. Statement 1 is incorrect as credit rating agencies are regulated by SEBI, not RBI. Statements 2 and 3 are correct regarding ICRA's status as a public limited company and Brickwork Ratings being an Indian credit rating agency.

❌ Statement 1 – Incorrect: Credit rating agencies in India are regulated by the Securities and Exchange Board of India (SEBI) under the SEBI (Credit Rating Agencies) Regulations, 1999, not by the Reserve Bank of India.

✅ Statement 2 – Correct: ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) is indeed a public limited company, established in 1991 and listed on both BSE and NSE.

✅ Statement 3 – Correct: Brickwork Ratings (BWR) is a SEBI-registered Indian credit rating agency established in 2007, promoted by Canara Bank, and recognized as an External Credit Assessment Institution (ECAI) by RBI.

📝 Short Notes: Credit Rating Agencies in India

• Regulatory Authority: SEBI regulates credit rating agencies through SEBI (Credit Rating Agencies) Regulations, 1999
• Major CRAs in India: CRISIL, CARE, ICRA, India Ratings and Research, Brickwork Ratings, SMERA, Infomerics
• ICRA: Established in 1991, public limited company, listed on stock exchanges, subsidiary of Moody's Investors Service
• Brickwork Ratings: Established in 2007, promoted by Canara Bank, SEBI-registered and RBI-recognized as ECAI
• Function: CRAs assess creditworthiness of debt instruments, companies, and governments; ratings help investors make informed decisions
• RBI's Role: While RBI does not regulate CRAs, it recognizes certain agencies as ECAIs for bank capital adequacy calculations