| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ACUITE RATINGS & RESEARCH LTD.
(PAN:AAJCS3161Q)
|
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RATED SECURITIES ISSUED BY BORROWER OF ITS PROMOTER VIOLATING REGULATION 27(1) OF SEBI (CRA) REGULATIONS, 1999
|
IMPOSED PENALTY RS.5,00,000
29-NOV-2024
|
SAT: SAT VIDE ITS ORDER DATED 23/01/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER TO FILE TWO WEEKS THEREAFTER. STAYED THE RECOVERY OF PENALTY SUBJECT TO DEPOSIT 50% OF PENALTY AMOUNT
SAT: SAT VIDE ITS ORDER DATED 15/04/2025 GRANTED RESPONDENT TWO WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER
|
| 2 |
|
|
BRICKWORK RATINGS INDIA PVT.LTD.
(PAN:AADCB3136C)
|
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RATED SECURITIES ISSUED BY BORROWER OF ITS PROMOTER VIOLATING REGULATION 27(1) OF SEBI (CRA) REGULATIONS, 1999
DISCREPANCIES IN DISCLOSURE OF CUMULATIVE DEFAULT RATES (CDRS) AND AVERAGE RATING TRANSITION RATE FOR LISTED AND PROPOSED TO BE LISTED SECURITIES
DELAY IN RECOGNITION OF DEFAULT TO DOWNGRADE RATING
DELAY IN CONDUCTING REVIEW OF RATING IN CASE OF MATERIAL EVENT
DID NOT REVIEW RATING IN CASE OF MATERIAL EVENT
DID NOT ADHERE TO TIMELINE WITH RESPECT TO DISCLOSURE OF PRESS RELEASE FOR PERIODIC SURVEILLANCE
|
IMPOSED PENALTY RS.10,00,000
29-NOV-2024
|
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| 3 |
|
|
BRICKWORK RATINGS INDIA PVT.LTD.
(PAN:AADCB3136C)
|
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|
DID NOT DOCUMENT MEETINGS WITH MANAGEMENT/UNDERTAKE SITE VISITS
DID NOT UNDERTAKE INDEPENDENT ANALYSIS OF PROJECTION PROVIDED BY ISSUER
DELAY IN RECOGNITION OF DEFAULTS IN RELATION TO ISSUERS
DID NOT MAKE CORRECT DISCLOSURE OF MATERIAL EVENT IN PRESS RELEASE
DID NOT ADDRESS ISSUE OF CONFLICT OF INTEREST
|
CANCELLED REGISTRATION AS CREDIT RATING AGENCY FROM 06-OCT-2022
DIRECTED TO WIND DOWN ITS OPERATIONS (INCLUDING INTIMATING ITS CLIENT ABOUT CLOSURE OF ITS OPERATIONS) WITHIN SIX MONTHS FROM 06-OCT-2022
DIRECTED TO REFUND MONEY TO THE INVESTORS
06-OCT-2022
|
SAT: SAT VIDE ITS ORDER DATED 14/10/2022 DIRECTED RESPONDENT TO FILE REPLY WITHIN TWO WEEKS AND REJOINDER TO BE FILED WITHIN TWO WEEKS THEREAFTER. DIRECTED THAT EFFECT AND OPERATION OF IMPUGNED ORDER CANCELLING REGISTRATION OF THE APPELLANT UNDER THE INTERMEDIARIES REGULATIONS TO REMAIN STAYED PROVIDED APPELLANT IS PROHIBITED FROM TAKING ANY NEW ASSIGNMENT OR CONTRACT OR LAUNCH ANY NEW SCHEME DURING PENDENCY OF THE APPEAL
SAT: SAT VIDE ITS ORDER DATED 14/07/2023 DISMISSED THE APPEAL
|
| 4 |
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BRICKWORK RATINGS INDIA PVT.LTD.
(PAN:AADCB3136C)
|
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|
ALLEGED VIOLATION OF VARIOUS SEBI CIRCULARS/ORDERS
ALLEGED VIOLATION OF REGULATIONS 24(2) AND 24(7) AND CLAUSES 3, 4 AND 6 OF
CODE OF CONDUCT FOR CREDIT RATING AGENCIES PRESCRIBED UNDER REGULATION 13 AND SPECIFIED UNDER THIRD SCHEDULE OF (CRA) REGULATIONS, 1999
ALLEGED VIOLATION OF CLAUSE 8 OF CODE OF CONDUCT FOR CREDIT RATING AGENCIES PRESCRIBED UNDER REGULATION 13 AND SPECIFIED UNDER THIRD SCHEDULE OF (CRA) REGULATIONS, 1999
ALLEGED VIOLATION OF REGULATION 24(2) AND CLAUSES 1 AND 2 OF ANNEXURE A OF SEBI CIRCULAR NO.SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 DATED 01/11/2016
ALLEGED VIOLATION OF REGULATION 27(2) AND CLAUSES 10 AND 12 OF CODE OF CONDUCT PRESCRIBED UNDER REGULATION 13 AND SPECIFIED UNDER THIRD SCHEDULE OF (CRA) REGULATIONS, 1999
ALLEGED VIOLATION OF CLAUSE 13 OF CODE OF CONDUCT PRESCRIBED UNDER REGULATION 13 AND SPECIFIED UNDER THIRD SCHEDULE OF (CRA) REGULATIONS, 1999
ALLEGED VIOLATION OF REGULATION 19(2) OF (CRA) REGULATIONS, 1999
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.1,54,70,325 VIDE CONSENT ORDER)
04-DEC-2024
|
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| 5 |
|
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BRICKWORK RATINGS INDIA PVT.LTD.
(PAN:AADCB3136C)
|
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DID NOT MAINTAIN PROPER SURVEILLANCE SYSTEM FOR TRACKING INTEREST/PRINCIPLE REPAYMENT SCHEDULE OF ISSUERS OR OTHER MATERIAL EVENTS VIOLATING CLAUSES 8 AND 1 OF CODE OF CONDUCT READ WITH REGULATION 13 OF SEBI (CRA) REGULATIONS, 1999
DELAY IN RECOGNITION OF DEFAULT WHILE RATED NCDS OF DIAMOND POWER INFRASTRUCTURE LTD. VIOLATING REGULATION 15(1) AND CLAUSE 8 OF THE CODE OF CONDUCT FOR CRAS READ WITH REGULATION 13 OF CRA REGULATIONS ,1999 AND CLAUSE 3 READ WITH ANNEXURE A POINTS 2.D.I AND C.D.I AND 2D.II, 4.B, 5.C.IV OF SEBI CIRCULAR DATED 01/11/2016
DID NOT REVIEW RATING AND WITHDRAWAL OF RATING OF NCDS OF GREAT EASTERN ENERGY CORP.LTD. VIOLATING CLAUSE 3 READ WITH ANNEXURE A POINTS 2.D.I AND 2.D.II OF SEBI CIRCULAR DATED 01/11/2016
DID NOT DOWNGRADE RATING OF NCDS OF ESSEL GROUP ENTITIES (ESSEL CORPORATE RESOURCES PVT.LTD. AND ZEE ENTERTAINMENT ENTERPRISES LTD.) VIOLATING CLAUSE 3 READ WITH ANNEXURE A POINT 2.A.I.A OF SEBI CIRCULAR DATED 01/11/2016 AND REGULATIONS 24(2), 24(7) AND CLAUSE 8 OF CODE OF CONDUCT FOR CRAS WITH REGULATION 13 OF CRA REGULATIONS
STRUCTURED OBLIGATIONS (SOS) RATINGS ON BASIS OF GROUP STRENGTH WITHOUT DOCUMENT SUPPORT VIOLATING CLAUSES 3 AND 4 OF SEBI CIRCULAR DATED 01/03/2012
|
IMPOSED PENALTY RS.10,00,000
20-SEP-2020
|
SAT: SAT VIDE ITS ORDER DATED 02/12/2020 ALLOWED THE URGENCY APPLICATION AND MISC.APPLICATION AND CONDONED THE DELAY OF 4 DAYS IN FILING OF APPEAL
SAT: SAT VIDE ITS ORDER DATED 21/03/2022 PARTLY ALLOWED THE APPEAL AND SET ASIDED IMPUGNED ORDER DATED 29/09/2020 BY REDUCING THE PENALTY AMOUNT TO RS.10 LAC FROM RS.1 CRORE
|
| 6 |
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BRICKWORK RATINGS INDIA PVT.LTD.
(PAN:AADCB3136C)
|
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DELAY IN RECOGNITION OF DEFAULT WHILE RATED NCDS OF BHUSHAN STEEL LTD.
DID NOT DOWNGRADE RATING OF NCDS OF GAYATRI PROJECTS LTD.
MADE INCORRECT DISCLOSURES ON ITS WEBSITE REGARDING COMPLIANCE WITH RPOVISIONS OF IOSCO CODE OF CONDUCT
|
IMPOSED PENALTY RS.3,00,000
31-AUG-2018
|
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| 7 |
|
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CARE RATINGS LTD.
(CIN:67190MH1993PLC071691
PAN:AAACC4587F)
|
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ALLEGED VIOLATION OF CLAUSE 1(B) OF SEBI CIRCULAR SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 ON MONITORING AND REVIEW OF RATINGS BY CREDIT RATING AGENCIES (CRAS) DATED 30/06/2017
ALLEGED VIOLATION OF CLAUSE 8 OF THIRD SCHEDULE - CODE OF CONDUCT READ WITH REGULATION 13 OF SEBI (CREDIT RATING AGENCIES) REGULATIONS, 1999
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.13,05,000 VIDE CONSENT ORDER)
23-AUG-2024
|
|
| 8 |
|
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CARE RATINGS LTD.
(CIN:67190MH1993PLC071691
PAN:AAACC4587F)
|
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DID NOT MONITOR RATINGS AND FACTORS AFFECTING CREDITWORTHINESS OF ISSUER IN TIMELY MANNER AND DELAY IN CONDUCTING RATING PROCESS AND DOWNGRADING RATING VIOLATING REGULATION 15(1) AND CLAUSES 3 & 8 OF CODE OF CONDUCT OF CREDIT RATING AGENCY READ WITH REGULATION 13 OF SEBI (CRA) REGULATIONS, 1999 IN MATTER OF CREDIT RATING OF NCDS OF RELIANCE COMMUNICATION LTD.
|
IMPOSED PENALTY RS.1,00,00,000
24-JUL-2020
|
SAT: SAT VIDE ITS ORDER DATED 09/12/2020 ALLOWED THE APPLICATION AND CONDONED THE DELAY OF FILING OF APPEAL. ALLOWED RESPONDENT THREE WEEKS TIME TO FILE REPLY AND APPELLANT TO FILE REJOINDER 10 DAYS THEREAFTER
SAT: SAT VIDE ITS ORDER DATED 09/06/2021 AFFIRMED AO ORDER DATED 24/07/2020 WITH REGARD TO VIOLATION COMMITTED BY THE APPELLANT UNDER SEBI ACT AND CRA REGULATIONS. FURTHER PENALTY REDUCED TO RS.10 LAC FROM RS.1 CRORE
|
| 9 |
|
|
CARE RATINGS LTD.
(CIN:67190MH1993PLC071691
PAN:AAACC4587F)
|
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DELAY IN INFORMING STOCK EXCHANGES CREDIT RATING WAS DOWNGRADED VIOLATING CLAUSE 3 OF CODE OF CONDUCT AND REGULATIONS 13 AND 15(2) OF SEBI (CRA) REGULATIONS, 1999 IN MATTER OF MERCATOR LTD.
|
IMPOSED PENALTY RS.2,00,000
31-OCT-2022
|
|
| 10 |
|
|
CARE RATINGS LTD.
(CIN:67190MH1993PLC071691
PAN:AAACC4587F)
|
|
|
DID NOT EXERCISE PROPER SKILL, CARE & DUE DILIGENCE WHILE DISCHARGING RESPONSIBILITIES AS CREDIT RATING AGENCY VIOLATING REGULATION 24(7) AND CLAUSES 4 & 8 OF CODE OF CONDUCT OF CREDIT RATING AGENCY READ WITH REGULATION 13 OF SEBI (CRA) REGULATIONS, 1999 IN MATTER OF RATING OF NCDS OF IL&FS FINANCIAL SERVICES LTD.
|
IMPOSED PENALTY RS.1,00,00,000
26-DEC-2019
|
SEBI VIDE ITS ORDER DATED 22/09/2020 ENHANCED PENALTY AMOUNT TO RS.1,00,00,000.00 FROM RS.25,00,000.00 U/S 15HB OF SEBI ACT
|
| 11 |
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ICRA LTD.
|
|
|
DID NOT EXERCISE PROPER SKILL, CARE & DUE DILIGENCE WHILE DISCHARGING RESPONSIBILITIES AS CREDIT RATING AGENCY VIOLATING REGULATION 24(7) AND CLAUSES 4 & 8 OF CODE OF CONDUCT OF CREDIT RATING AGENCY READ WITH REGULATION 13 OF SEBI (CRA) REGULATIONS, 1999 IN MATTER OF RATING OF NCDS OF IL&FS FINANCIAL SERVICES LTD.
|
IMPOSED PENALTY RS.1,00,00,000
26-DEC-2019
|
SEBI VIDE ITS ORDER DATED 22/09/2020 ENHANCED PENALTY AMOUNT TO RS.1,00,00,000.00 FROM RS 25,00,000.00 U/S 15HB OF SEBI ACT
|
| 12 |
|
|
INDIA RATINGS & RESEARCH PVT.LTD.
(PAN:AABCD1228K)
|
|
|
DID NOT EXERCISE PROPER SKILL, CARE & DUE DILIGENCE WHILE DISCHARGING RESPONSIBILITIES AS CREDIT RATING AGENCY VIOLATING REGULATION 24(7) AND CLAUSES 4 & 8 OF CODE OF CONDUCT OF CREDIT RATING AGENCY READ WITH REGULATION 13 OF SEBI (CRA) REGULATIONS, 1999 IN MATTER OF RATING OF NCDS OF IL&FS FINANCIAL SERVICES LTD.
|
IMPOSED PENALTY RS.1,00,00,000
26-DEC-2019
|
SAT: SAT VIDE ITS ORDER DATED 01/07/2020 DIRECTED APPELLANT TO DEPOSIT RS.25 LACS WITH SEBI AS PER IMPUGNED ORDER DATED 26/12/2019 WITHIN FOUR WEEKS FROM DATE OF THIS ORDER
SEBI VIDE ITS ORDER DATED 22/09/2020 ENHANCED PENALTY AMOUNT TO RS.1,00,00,000.00 FROM RS.25,00,000.00 U/S 15HB OF SEBI ACT
|
| 13 |
|
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INDIA RATINGS & RESEARCH PVT.LTD.
(PAN:AABCD1228K)
|
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|
DID NOT CHECK RELEVANT SOURCES OF DATA I.E. BSE WEBSITE AND HCEL’S WEBSITE
DID NOT REVIEW MATERIAL EVENT WITHIN TIMELINES SPECIFIED UNDER SEBI CIRCULAR DATED 30/06/2017
DELAY IN DOWNGRADING RATING OF NCDS OF HCEL BETWEEN 05/05/2021 AND 16/03/2022
DID NOT CONSIDER VISTRA EMAIL DATED 03/05/2021 INDICATING THAT THE MATURITY DATE OF NCDS OF HCEL WAS EXTENDED TO 29/05/2021
|
IMPOSED PENALTY RS.3,00,000
30-NOV-2023
|
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| 14 |
|
|
INFOMERICS VALUATION & RATING PVT.LTD.
(PAN:AAACV1928K)
|
|
|
DISCREPANCIES IN DISCLOSURE OF CUMULATIVE DEFAULT RATES (CDRS) AND AVERAGE RATING TRANSITION RATE FOR LISTED AND PROPOSED TO BE LISTED SECURITIES
DELAY IN CONDUCTING REVIEW OF RATING IN CASE OF MATERIAL EVENT
DELAY IN RECOGNITION OF DEFAULT TO DOWNGRADE RATING
|
IMPOSED PENALTY RS.3,00,000
02-APR-2025
|
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| 15 |
|
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INFOMERICS VALUATION & RATING PVT.LTD.
(PAN:AAACV1928K)
|
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ALLEGED FAILURE IN MAKING DISCLOSURE DETAILED EXPLANATION OF ALL THE COVENANTS OF INSTRUMENT AND ASSESSMENT OF ADEQUACY OF THE CREDIT ENHANCEMENT STRUCTURE AS MANDATED IN TERMS OF SEBI CIRCULAR DATED 13/06/2019 VIOLATING REGULATION 13 READ WITH CLAUSES 3 TO 6 AND 14 OF THE THIRD SCHEDULE OF SEBI (CRA) REGULATIONS, 1999
ALLEGED ASSIGN A ‘CREDIT ENHANCEMENT’ SUFFIX RATING TO THE SECURITIES GMR ENTERPRISES PVT.LTD. AND CADENCE ENTERPRISES PVT.LTD. VIOLATING REGULATION 13 READ WITH CLAUSES 3, 4 AND 5 OF THIRD SCHEDULE OF SEBI (CRA) REGULATIONS, 1999 AND SEBI CIRCULAR DATED 13/06/2019
|
REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.57,63,750 VIDE CONSENT ORDER)
20-DEC-2024
|
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| 16 |
|
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INFOMERICS VALUATION & RATING PVT.LTD.
(PAN:AAACV1928K)
|
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INVOLVEMENT OF THE CEO IN RATING PROCESS
DID NOT ADHERE TO CORRECTIVE MEASURES WITH REFERENCE TO SEBI’S OBSERVATIONS
INACCURATE CALCULATION OF NOTCHES OF RATING DOWNGRADES
UNDERTOOK MONITORING OF RATING WHEN PERIODIC REVIEW WAS DUE
DID NOT DOWNGRADE RATINGS ON A REAL-TIME BASIS
|
IMPOSED PENALTY RS.10,00,000
31-JUL-2023
|
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| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
