ICRA Ratings Ltd. on Monday decided to send its managing director and chief executive officer Naresh Takkar on forced leave, pending inquiry into the “concerns” raised by the Securities and Exchange Board of India.
ICRA has appointed chief financial officer Vipul Agarwal as the interim chief operating officer and he will be reporting to the board, according to a statutory filing.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Action against Takkar has been taken “pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India”, said ICRA, which is majority owned by Moody's Investor Services Inc. The action is effective immediately, the statement signed by chairman Arun Duggal said.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Though ICRA did not share the exact reasons for the unprecedented step, a first in the industry, it can be noted that the move comes at a time when the ratings agencies are under a cloud following the IL&FS crisis.
A May 9 media report had said ICRA's top management was being investigated for influencing 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.
The IL&FS crisis, that surfaced in September last year, spooked the credit markets immediately, triggering an NBFC liquidity crisis that continues till date.
Takkar was recently appointed by Reserve Bank of India as a member of its committee on the development of housing finance securitisation market, chaired by Bain & Co's Harsh Vardhan.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
