Sebi seeks explanation from 5 rating agencies on collusion with IL&FS brass

Grant Thornton's audit report had pointed at possible collusion between rating agencies, IL&FS brass

The Securities and Exchange Board of India (Sebi) has sought explanation from all five credit rating agencies, asking them to furnish responses over alleged lapses and possible collusion with the Infrastructure Leasing 

and Financial Services (IL&FS) brass.

An official aware of the matter said, “The charges are serious and need a thorough examination of each aspect raised by the auditors. It is important that people whose roles are under suspicion are sidelined or sent on indefinite leave until the investigation concludes.”

The new board of IL&FS had appointed Grant Thornton to conduct a forensic audit of the beleaguered group. It submitted