Brickwork Ratings has paid ₹1.54 crore by way of settlement to SEBI in a case on alleged violations of norms for credit rating agencies.

The settlement order was issued on December 4. Accordingly, the proceeding initiated against the Brickwork vide show-cause notice dated December 22, 2023, is disposed, the regulator said.

In September, the market regulator had revoked its earlier wind-up order against Brickwork Ratings and passed several directions to the rating major.

The move followed the Securities Appellate Tribunal’s directive to relook at its earlier order cancelling the licence of Brickwork as a credit rating agency.

In its order dated October 6, 2022, SEBI cancelled the licence of Brickwork and directed the credit rating agency to wind down operations within six months for alleged violations in the rating process, due diligence, reporting of conflict of interest and correct disclosures.

Published on December 4, 2024