 "Sebi")
S B Mainak has resigned as chairman of CARE Ratings, the company said in a stock exchange notification after the market regulator reportedly asked for his removal.
The Securities and Exchange Board of India (Sebi) nudged the rating agency after a forensic report said Mainak had asked his staff to not change the ratings of Infrastructure Leasing and Financial Services (IL&FS), the bankrupt shadow banker, the Economic Times reported on Thursday.
Consultancy firm EY earlier this week gave Sebi a report recording employee statements, WhatsApp messages and call recordings of CARE employees.
Mainak, a former managing director of Life Insurance Corporation, was an
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