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Standard & Poor's owns 52% of CRISIL, a position it took in 2005, and Moody's owns 29% of ICRA.
Saumitra Chaudhuri, the economic adviser at ICRA, a credit-rating agency, argues that public-private partnerships first require regulatory reforms to protect the interests of both investors and consumers.
Debt markets are still puny and the three big agencies, CRISIL, CARE and ICRA, were all set up between 1988 and 1993 and sponsored by worthy financial firms that were often state-controlled.
Far Eastern energy demand is booming with China alone expected to double its use of LNG by 2015 to 30m tonnes a year; India isn't far behind according to recent research by ICRA, a research and ratings company.
Anjan Ghosh, a Mumbai-based general manager at ICRA, a unit of Moody's Investors Services, said he could not remember when there had been so many high-level investigations in such quick secession before in India.
"It is a positive sign that there is an attempt to right wrongdoings wherever they exist," said Anjan Deb Ghosh, a general manager in Mumbai at ICRA, a unit of Moody's Investors Service.
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Most ICRAs can be contacted electronically and many maintain web sites: for an up-to-date listing.
In this way, over the last 50 years or so, ICRAs have contributed to the stability of cultivated plant nomenclature.
In recent times many ICRAs have also recorded trade designations and trademarks used in labelling plant material, to avoid confusion with established names.
ICRA rates local-currency debt in Indonesia (it leaves hard-currency stuff to Moody's, its shareholder).
ICRAs are not responsible for assessing the distinctiveness of the plant in question.
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