Which among the following is not an associate or

Solution

SIDBI has promoted and holds associations with several subsidiaries and joint ventures to strengthen the MSME ecosystem. • MUDRA Ltd was set up as a subsidiary to refinance micro-finance institutions and promote micro-enterprises. • RXIL Ltd (Receivables Exchange of India Ltd) is a Trade Receivables Discounting System (TReDS) platform promoted jointly by SIDBI and NSE. • SIDBI Venture Capital Ltd (SVCL) is a SIDBI subsidiary that manages venture capital funds supporting innovative MSMEs. • Acuite Ratings & Research Ltd, a credit rating agency, is also associated with SIDBI.