Sebi directs CARE to initiate inquiries into ex-top officials' past conduct

Former CEO'S and chairman's conduct under question

The Securities and Exchange Board of India (Sebi) has directed CARE Ratings to initiate a “full-fledged” inquiry into past dealings of two former officials of the company. 

Under question is the conduct of former chairman SB Mainak and former managing director (MD) & chief executive officer (CEO) Rajesh Mokashi. 

Both left the company after allegations surfaced against them and forensic reports suggested lapses in the rating process. 

“Considering the seriousness of the alleged violations and the observations made in the forensic audit report, the (CARE) board is directed to institute a full-fledged inquiry in the matter of interference by the