India’s Brickwork Ratings said it is considering “appropriate legal recourse” after the country’s market regulator ordered the credit rating firm to wind down operations within six months, citing repeated lapses and violations.
The Securities and Exchange Board of India (SEBI) in a rare order on Thursday cancelled Brickwork’s registration certificate and prevented it from taking on new business, saying multiple probes found violations such as delay in recognition of default of non-convertible debentures and failure to review ratings even after receiving information about delayed payments.
“Brickwork Ratings finds the recent allegations to be a shocking development,” it said in a statement late on Friday, adding it had taken “timely course correction measures” in line with regulatory instructions.
The rating agency “is fully cooperating with the authorities to ensure all compliances are satisfactorily met. In…
