India’s Brickwork Scores stated it’s contemplating “acceptable authorized recourse” after the nation’s market regulator ordered the credit standing agency to wind down operations inside six months, citing repeated lapses and violations.
The Securities and Alternate Board of India (SEBI) in a uncommon order on Thursday cancelled Brickwork’s registration certificates and prevented it from taking over new enterprise, saying a number of probes discovered violations reminiscent of delay in recognition of default of non-convertible debentures and failure to assessment scores even after receiving details about delayed funds.
“Brickwork Scores finds the current allegations to be a stunning improvement,” it stated in an announcement late on Friday, including it had taken “well timed course correction measures” consistent with regulatory directions.
The ranking company “is totally cooperating with the authorities to make sure all compliances are satisfactorily met. In parallel, the corporate can also be contemplating acceptable authorized recourse within the matter,” it stated.
SEBI didn’t instantly reply to a request for remark outdoors enterprise hours.
The regulator has stated it investigated Brickworks on a number of events and had undertaken a joint inspection with the India’s central financial institution.
SEBI has been tightening disclosure guidelines for credit standing companies since 2016 in a bid to spice up transparency and accountability after various sudden sharp adjustments to company scores.