India’s Securities Appellate Tribunal (SAT) has overturned the Securities and Exchange Board of India’s (SEBI) decision to cancel the licence of Brickwork Ratings India due to alleged violations of regulations applicable to rating agencies. According to the SAT, the rating agency’s violations were not deliberate or fraudulent, and therefore did not warrant such a severe punishment as licence cancellation. The SAT upheld some of the regulator’s findings and has referred the matter back to SEBI to impose appropriate penalties instead. The decision comes after ratings agencies across the world have come under increased scrutiny by financial regulators.
Tribunal Overturns Market Regulator’s Decision to Revoke Brickwork Ratings License in India
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