 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
Rating agencies CARE, ICRA and India Ratings may have got away lightly for their lapses in assigning ratings to the non-convertible debentures (NCDs) of Infrastructure Leasing and Financial Services (IL&FS), feels the Securities and Exchange Board of India (Sebi).
In an unprecedented move, the market regulator is planning to review the Rs 25-lakh penalty, which had been imposed by its adjudicating officer on the three rating firms last month.
Sources said the settlement amount could be revised up to four times upwards.
“The Sebi board is not convinced with the quantum of penalty levied on these rating firms as it
