SAT pares Sebi's Rs 1 cr penalty on CARE Ratings to Rs 10 lakh; stock gains

The tribunal, however, has affirmed the order pertaining to lapses in assigning credit rating of Reliance Communications debentures

The Securities Appellate Tribunal (SAT) has reduced the penalty levied on CARE Ratings by the Securities and Exchange Board of India (Sebi) from Rs one crore to Rs 10 lakh. The tribunal, however, has affirmed the order pertaining to lapses in assigning credit rating of Reliance Communications (RCom) debentures.

Share of Care gained 5 per cent to end at Rs 631.

Care had moved SAT against Sebi’s order dated July 24, 2020, imposing a monetary penalty of Rs 1 crore, for violating Regulation 15(1) and Clauses 3 and 8 of the Code of Conduct for Credit Rating Agencies under the