Order under Sec 15-I (3) of SEBI Act 1992 in the matter of ICRA limited

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Last updated: 23 September 2020
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The Securities and Exchange Board of India (SEBI) has issued an order against ICRA Limited, a registered Credit Rating Agency (CRA). This follows an examination into ICRA's role in assigning credit ratings to Infrastructure Leasing & Financial Services Limited (IL&FS) Non-convertible Debentures (NCDs) amidst IL&FS's defaults. SEBI found that ICRA failed to exercise proper skill, care, and due diligence in its rating process, including excessive reliance on management submissions and failure to update rating outlooks or consider latest financials. Consequently, ICRA has been penalised Rs 25,00,000 under the SEBI Act, 1992.

Court :
SEBI

Brief :
UNDER SECTION 15-I (3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992. IN THE MATTER OF ICRA LIMITED [SEBI Registration No. IN/CRA/008/15]

Citation :
WTM/GM/MIRSD/ 30 /2020-21

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