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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 : 21-NOV-2024

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: DIRECTED TO REFUND MONEY TO THE INVESTORS

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

SEBI VIDE ITS ORDER DATED 13/09/2023 DIRECTED TO A) BROADBASE ITS BOARD SUCH THAT AGGREGATE NUMBER OF DIRECTORS IS NINE B) ENSURE THAT ONLY INDEPENDENT DIRECTOR NOT RELATED/CONNECTED TO THE FOUNDING MANAGEMENT OF THE NOTICEE IS APPOINTED AS THE CHAIRPERSON OF ITS BOARD C) ENSURE THAT MEMBERS OF FOUNDING MANAGEMENT OF THE NOTICEE ARE NOT PART OF ANY RATING COMMITTEES CONSTITUTED BY THE NOTICEE OR INVOLVED IN RATING PROCESS D) ENSURE THAT PERSONS RELATED/CONNECTED TO THE FOUNDING MANAGEMENT OF THE NOTICEE, ARE NOT APPOINTED TO THE AUDIT COMMITTEE OR THE RATING SUB-COMMITTEE OF THE BOARD OF THE NOTICE E) ENSURE THAT THE PERSON FUNCTIONING AS CRO HAS ADEQUATE EXPERIENCE IN CREDIT RATING AND RISK MANAGEMENT F) ENSURE THAT ALL THE PERSONS UNDERTAKING RATING FUNCTION, INCLUDING ANALYSTS, ARE ADEQUATELY TRAINED BY ENTITY NOT RELATED/CONNECTED TO THE NOTICE G) ENSURE COMPLIANCE WITH DIRECTIONS CONTAINED IN THIS ORDER WITHIN A FIVE MONTHS FROM DATE OF THIS ORDER H) RESTRAINED FROM ONBOARDING NEW CLIENTS OR TAKING FRESH MANDATES FROM EXISTING CLIENTS FORSIX MONTHS FROM DATE OF THIS ORDER OR TILL SUCH TIME THE NOTICEE ENSURES SATISFACTORY COMPLIANCE WITH DIRECTIONS CONTAINED IN THIS ORDER, WHICHEVER IS LATER
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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