The volatility in the financial market consequent upon the liberalization of the Indian economy paved the way for identifying a new business opportunity with the potential of infusing confidence and mutual trust among the market players. Thus, came the dawn of the credit rating agency (CRA) service in the Indian financial system as a dominant supplier of information and advisory services. However, the important question is how far CRAs are vigilant to the potential social and ethical impacts of their functions over and above the technical expertise and excellence that their work demands. The...