Rating agency Brickwork Ratings on Saturday said that the Securities and Exchange Board of India’s (SEBI) winding up order has come as shock to the company and it is contemplating legal recourses against the regulator's action.

SEBI stated that the credit rating agency has “failed to exercise proper skill, care, and diligence" while discharging duties as a credit rating agency.

It has also barred Brickwork from taking new clients.
Brickwork is one of the SEBI-registered credit rating agencies in India.

The others are Crisil, Care, Icra, Fitch, Infomerics Ratings, and Acuité Ratings & Research.
Source: BusinessToday
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