Brickwork Ratings Settles Credit Rating Case for Rs 1.55 Crore

Brickwork Ratings India resolved an alleged violation of credit rating agency rules by paying Rs 1.55 crore as a settlement. This decision followed a settlement proposal filed with the Securities and Exchange Board of India, stemming from an inspection covering December 2019 to January 2022.

Brickwork Ratings India, a prominent credit rating agency, has settled a case involving alleged breaches of Credit Rating Agencies (CRA) rules, by disbursing approximately Rs 1.55 crore as a settlement fee.

The case was resolved after Brickwork Ratings submitted a settlement application to the Securities and Exchange Board of India (Sebi), proposing to settle the proceedings without conceding any facts or legal conclusions.

The settlement concludes with Sebi's order, disposing of the proceedings linked to a Show Cause Notice issued in December 2023, following an inspection that spanned from December 2019 to January 2022, which accused Brickwork of multiple CRA regulation violations.

(With inputs from agencies.)