Considering appropriate legal recourse against Sebi's order: Brickwork

Market regulator scrapped rating agency's registration for repeated lapses

Rating agency Brickwork Ratings India in a late night statement expressed disappointment over market regulator Sebi’s decision to scrap its registration and said it is considering appropriate legal recourse in the matter. It, however, did not dwell on details of legal challenge to order by the Securities and Exchange Board of India (Sebi).

On Thursday, the regulator cancelled the recognition certificate granted to Brickwork Ratings India, for “repeated lapses” and irregularities in “discharging its duties”.  The Sebi directed Brickwork to wind down its operations within six months and intimate its clients about the same. During this period, Brickwork cannot on-board