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SAT sets aside Rs 1-cr penalty imposed on Brickwork Ratings by Sebi

The tribunal reduced the penalty to Rs 10 lakh and held certain findings in Sebi's order cannot be sustained.

Gavel, order, judiciary, courts, laws
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BS Reporter Mumbai
The Securities Appellate Tribunal (SAT) has set aside the Rs 1-crore penalty imposed by the Securities and Exchange Board of India (Sebi) on Brickwork Ratings. The tribunal reduced the penalty to Rs 10 lakh and held certain findings in Sebi’s order cannot be sustained.

Sebi, in an order dated September 29, 2020, had highlighted several deficiencies and lacunae at Brickwork. These included lack of surveillance mechanism (A), delay in recognition of default of non-convertible debentures (NCDs) of Diamond Power Infrastructure (B); Failure to review rating and withdrawal of rating of NCDs of Great Eastern Energy Corporation; Failure to recognize default

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First Published: Mar 28 2022 | 7:29 PM IST

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