IL&FS case: CVC intervenes in Sebi's probe of credit rating agencies

Further, it has asked Sebi to share its findings that explain late detection by rating firms

The process followed in dealing with credit-rating agencies (CRAs) has come under the scanner of the Central Vigilance Commission (CVC), a body that probes corruption in government.

The commission has asked the Securities and Exchange Board of India (Sebi) to explain the role of CRAs and the status of its probe into the Infrastructure Leasing & Financial Services (IL&FS) fraud case.

According to sources, the vigilance office is trying to spot influential factors in the rating process and whether the regulator had any indication about a possible collusion between the rating agencies and the former management of IL&FS. 

The CVC is learnt to