Business Standard

SAT gives relief to Brickwork Ratings, stays cancellation of licence

But keeps Sebi ban on taking up new clients

Gavel, order, judiciary, courts, laws
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Experts said the unprecedented action against the ratings agency was expected to send a strong signal to the market, improve the ratings standards, and deter the practice of “rating shopping”

Khushboo Tiwari Mumbai
The Securities Appellate Tribunal (SAT) on Friday granted interim relief to Brickwork Ratings by staying the cancellation of its licence, as ordered by markets regulator Securities and Exchange Board of India (Sebi), until the next hearing, which is scheduled for November 15.

Keeping the cancellation of licence on hold, the tribunal maintained the ban on onboarding any new client, as directed by Sebi.

“The SAT has stayed the operation of Sebi’s order pending final hearing of the appeal, stating that in the meantime until the appeal is heard finally, Brickworks should not take up new assignments,” Brickwork Ratings said in its statement.

Brickwork

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