Image Source : FILE Sebi slaps tremendous on India Ratings and Research
A Rs 3 lakh penalty was imposed on India Ratings and Research for sure lapses by markets regulator Sebi.
Sebi and the Reserve Bank of India carried out a joint inspection of the entity from August 22 to 29, 2022, and the interval coated underneath the inspection was from August 1, 2021, to June 30, 2022.
In its order, Sebi stated the inspection findings introduced out two situations the place the entity was not complying with the necessities of the regulator’s round.
The Securities and Exchange Board of India (Sebi) imposed the tremendous of Rs 3 lakh after taking into varied mitigating components, together with that issuers and debenture trustees didn’t inform the score company about delay/ default on the fee of the NCDs (Non Convertible Debentures), buyers had been institutional buyers and had been adequately knowledgeable concerning the dangers concerned within the NCDs.
According to Sebi, there was a delay by the score company in recognition of a default performed by Altico Capital India, and one other occasion was the delay in recognition of a cloth occasion within the case of Hindustan Cleanenergy Ltd.
(With inputs from PTI)
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