ICRA keeps eMudhra ratings unchanged after certificate security lapse, warns of reputational fallout
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓ICRA kept eMudhra’s credit ratings unchanged on October 23 after a security lapse.
- ✓While the firm exited its global certificate business, ICRA warned of potential reputational damage and regulatory scrutiny.
- ✓Co-founder Kaushik Srinivasan said the lapse was a “one-off incident.” The company remains financially stable despite these ongoing business challenges.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
ICRA has left its credit ratings on eMudhra Ltd untouched following a security lapse in the Bengaluru-based company's global website certificate business, though the agency cautioned that the episode could hurt the firm's reputation, invite regulatory scrutiny and weigh on client retention. The rating agency, in an update dated October 23, reaffirmed [ICRA]A (Stable)/[ICRA]A1 on eMudhra's Rs 35 crore of unallocated credit limits. The trouble stemmed from faulty key generation at eight intermediate certificate authorities, the entities that vouch for website certificates.
Browser makers responded by blocking these authorities, and eMudhra revoked the certificates concerned. Its board has since decided to wind down the global certificate operation and concentrate on enterprise solutions and its other trust services.
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