• TOP NEWS
  • CITY & TOWNS
  • LOCAL
  • BUSINESS
  • NATION
  • WORLD
  • SPORTS
  • OPINION
    • EDITORIAL
    • ON HERITAGE
    • CREATIVE BEATS
    • INTERALIA
    • WIDE ANGLE
    • OTHER VIEW
    • ART SPACE
  • Photo Gallery
  • CARTOON
  • EPAPER
Wednesday, July 2, 2025
Kashmir Images - Latest News Update
Epaper
  • TOP NEWS
  • CITY & TOWNS
  • LOCAL
  • BUSINESS
  • NATION
  • WORLD
  • SPORTS
  • OPINION
    • EDITORIAL
    • ON HERITAGE
    • CREATIVE BEATS
    • INTERALIA
    • WIDE ANGLE
    • OTHER VIEW
    • ART SPACE
  • Photo Gallery
  • CARTOON
  • EPAPER
No Result
View All Result
Kashmir Images - Latest News Update
No Result
View All Result
Home BUSINESS

Sebi cancels registration of Brickwork Ratings; directs it to wind down operations in 6 months

Press Trust of india by Press Trust of india
October 6, 2022
in BUSINESS
0
Sebi extends relaxation in procedural requirements for open, buyback offers

New Delhi: Capital markets regulator Sebi on Thursday cancelled the licence of Brickwork Ratings India and directed the credit rating agency to wind down its operations within six months for allegedly violating various rules.

Further, the markets regulator has barred the agency from taking any new clients.

Related posts

June 6 is a special day for entire J&K: PM

GST landmark reform that reshaped India’s economic landscape: PM Modi

July 1, 2025

Cabinet approves Rs 1.07 lakh cr Employment Linked Incentive scheme to create 3.5 cr jobs in 2 years

July 1, 2025

In its order, Sebi highlighted several violations by Brickwork, including that it failed to follow a proper rating process and exercise due diligence while providing ratings.

Also, the rating agency failed to ensure proper maintenance of records to support its ratings and to make correct disclosures in its press releases concerning some issuers. It did not conclude the rating exercise within the timelines prescribed as per its own internal manual, Sebi said.

According to Sebi, Brickwork also made a delay in disseminating information with respect to monitoring of rating and also failed to follow an appropriate rating process.

Sebi said that Brickwork failed to address the issue of conflict of interest arising due to a Rating Committee Member (other than the Managing Director/ Chief Executive Officer) having business development roles.

“Noticee (Brickwork) failed to exercise proper skill, care and diligence while discharging its duties as a credit rating agency, which has defeated the very purpose of regulations i.e. investor protection and orderly development of the securities markets,” the watchdog said.

As per Sebi, repeated lapses noticed across multiple inspections conducted by Sebi showed that governance changes recommended in earlier inspections and monetary penalties imposed have not proved effective or deterred the noticee in addressing very basic requirements of running a credit rating agency.

“Strict regulatory action, in my considered view, is required at this juncture to address the issue and protect the market ecosystem,” Sebi Whole Time Member Ashwani Bhatia said in the order.

Accordingly, the regulator has cancelled the “certificate of registration granted to the noticee, i.e. Brickwork Ratings India Pvt. Ltd as a credit rating agency”.

“The noticee shall wind down its operations (including intimating its client about closure of its operations) within a period of six months. The noticee shall not take any new clients/fresh mandates,” it added.

The regulator carried out inspections of Brickwork for the periods April 2014 to September 2015 and April 2017 to September 2018 and the contraventions observed in the two inspections led to initiation of separate adjudication proceedings against Brickwork.

Later, the regulator undertook a joint inspection with RBI in January 2020 of the records and documents of Brickwork, for the period from October 2018–November  2019 to ascertain any violation of credit rating agency rules.

In April this year, Sebi undertook a joint inspection with RBI of the records and documents of Brickwork for the period from December 2019 – January 2022, which is at present pending.

However, the nature of discrepancies or violations contained in the prima facie observations emanating from the fourth inspection are also similar in nature to those contained in the other three inspections, Sebi said.

 

Previous Post

Active Covid cases in country dip to 32,282

Next Post

FMCG most sought after sector by job-seekers: Study

Next Post
Saloora, Wani join PDP along with hundreds of supporters

FMCG most sought after sector by job-seekers: Study

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ePaper

  • About us
  • Contact us
  • Our team
  • Terms of Service
E-Mailus: [email protected]

© 2024 Kashmir Images - Designed by GITS.

No Result
View All Result
  • TOP NEWS
  • CITY & TOWNS
  • LOCAL
  • BUSINESS
  • NATION
  • WORLD
  • SPORTS
  • OPINION
    • EDITORIAL
    • ON HERITAGE
    • CREATIVE BEATS
    • INTERALIA
    • WIDE ANGLE
    • OTHER VIEW
    • ART SPACE
  • Photo Gallery
  • CARTOON
  • EPAPER

© 2024 Kashmir Images - Designed by GITS.