Sebi cancels certificate of registration granted to Brickwork Ratings

Orders it to wind down operations in six months

The Securities and Exchange Board of India (Sebi) on Thursday cancelled the recognition certificate granted to Brickwork Ratings India, one of the seven registered credit rating agencies (CRAs) in the country, 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 onboard any new clients or take fresh mandates.

Officials of ratings agencies said the cancellation of Brickwork’s licence could have ramifications for the banking industry. 

“The instruments rated by Brickwork will have to be rated by