Brickwork Ratings India Pvt Ltd on Wednesday has settled with the Securities and Exchange Board of India by paying Rs 1.54 crore. The settlement comes after the allegations against the credit rating agency for failing to comply with SEBI regulations and conduct codes. The allegations include misreporting and breaches of guidelines.
The issues arose from an inspection conducted by SEBI that covered the period from December 2019 to January 2022, during which multiple violations were identified. These violations included non-compliance with various provisions of CRA regulations, a failure to adhere to the Code of Conduct for CRAs, misreporting practices, and discrepancies related to SEBI circulars issued from 2016 to 2019.
An inquiry by SEBI's Designated Authority suggested a three-month suspension of Brickwork Ratings' registration. The agency chose to settle without admitting or denying the violations. The settlement terms were finalised after discussions with SEBI's Internal Committee and the High-Powered Advisory Committee, and SEBI's Panel of Whole Time Members approved them in November 2024.
The settlement order, which is effective immediately, also included the condition that no further action will be taken unless any of the terms of the settlement are breached. The order has been published on SEBI's official website.
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