Capital markets regulator Sebi on Thursday cancelled the licence of Brickwork Ratings India and directed the credit rating agency to wind down its operations within six months for allegedly violating various rules.
Further, the markets regulator has barred the agency from taking any new clients.
In its order, Sebi highlighted several violations by Brickwork, including that it failed to follow a proper rating process and exercise due diligence while providing ratings.
Also, the rating agency failed to ensure proper maintenance of records to support its ratings and to make correct disclosures in its press releases concerning some issuers. It did not conclude the
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