CRISIL files consent plea in Amtek Auto case

Sebi issued a show-cause notice to the rating agency in July

Credit rating agency CRISIL has filed a consent application before the Securities and Exchange Board of India (Sebi) in the Amtek Auto rating suspension case.

In July, the markets regulator had issued a show-cause notice to CRISIL and Credit Analysis and Research (CARE) for not following proper process while evaluating the Amtek Auto debentures. 

In August 2015, the automaker had defaulted on a repayment obligation worth Rs 800 crore, triggering a redemption crisis at JPMorgan Mutual Fund, which has exposure to its debentures through two debt schemes — JPMorgan India Treasury Fund and JPMorgan India Short Term Income Fund.

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