Brickwork Ratings Settles CRA Rule Violation Case: Pays Rs 1.55 cr

New Delhi, Dec 4 (PTI) Brickwork Ratings India on Wednesday settled a case pertaining to alleged violation of Credit Rating Agencies (CRA) rules after paying nearly Rs 1.55 crore as a settlement amount.

The order came after Brickwork Ratings filed a settlement application, wherein, it proposed to settle the instant proceedings, "without admitting or denying the findings of fact and conclusions of law, through a settlement order".

Brickwork Ratings paid the settlement amount and consequently "the proceeding initiated against the applicant vide Show Cause Notice dated December 22, 2023, is disposed of," according to the settlement order.

The Securities and Exchange Board of India (Sebi) conducted an inspection of registered credit rating agency, Brickwork Ratings India Private Limited, for the inspection period December 1, 2019 to January 31, 2022 in order to verify the applicant's compliance with CRA rules.

It was alleged that Brickwork Ratings violated various provisions of CRA norms.