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SOURCE OF INFORMATION

SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 03-JUL-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

CREDIT RATING AGENCIES: VIOLATIONS SPECIFIED IN EARLIER SEBI/NSE ORDERS/CIRCULARS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BRICKWORK RATINGS INDIA PVT.LTD.

(PAN:AADCB3136C)  
  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 		 
2
History of entity/person CARE RATINGS LTD.

(CIN:67190MH1993PLC071691
PAN:AAACC4587F)  
  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 		 
3
History of entity/person INDIA RATINGS & RESEARCH PVT.LTD.

(PAN:AABCD1228K)  
  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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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