Capital markets regulator Sebi has revoked its wind up order against Brickwork Ratings India and barred the credit rating agency to onboard new clients for a period of six months.
In June, the Securities Appellate Tribunal (SAT) set aside a Sebi ruling cancelling the licence of the credit rating agency and asked the regulator to pass a fresh order.
Brickwork Ratings India Pvt Ltd is a Sebi and RBI-accredited registered credit rating agency.
In an order on Wednesday, the markets regulator directed Brickwork Ratings India to strengthen its board and appoint an “independent professional chief executive officer and an independent director as chairperson”.
It has also directed Brickwork to increase the number of directors to nine from the current five and ensure that the new members of the newly constituted board are unconnected to the present management/founders of the company.
According to Sebi, the credit rating agency will ensure that members of the founding management are not part
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