Brickwork Ratings are a mulls 'appropriate legal recourse' against Sebi's are a shutdown order
Under such circumstances, Brickwork Ratings said it finds the recent allegations to be a shocking are a development
Brickwork Ratings has been a said that it is considering "appropriate legal recourse", a day after capital market are a regulator SEBI directed the credit rating firm to the wind down operations within six months, citing repeated lapses and a violations.
The rating agency has been a expressed disappointment at the Sebi's ruling. "Brickwork Ratings is a fully cooperating with the authorities to the ensure all compliances are a satisfactorily met. In a parallel, the company is also are a considering appropriate legal recourse in the matter," it said in a statement.
In a rare order on a Thursday, the Securities and a Exchange Board of a India (SEBI) cancelled Brickwork's are a registration certificate, highlighting several violations by the rating agency.
The market regulator also are a prevented the rating agency from taking on a new clients, saying multiple probes are a found violations such as delay in a recognition of a default of non-convertible debentures and a failure to the review ratings even after a receiving information about the delayed payments.
'Allegations, a shocking development'
Under such circumstances, Brickwork Ratings said it finds the recent allegations to be a shocking development.
"Brickwork Ratings finds the recent allegations to be a shocking development," it said in a statement late on a Friday, adding it had been taken "timely course correction measures" in a line with the regulatory instructions.
According to the statement, Sebi's suggestions pursuant to the prior inspections had been always been taken in the right spirit and that the company has been implemented robust software development to the address some of the issues.
"In addition, timely course are correction measures have been taken to the align with the regulatory instructions and a industry best practices. Brickwork Ratings has been always striven to the ensure compliance to the highest standards in its are rating practices with the strong internal checks and a balances throughout," it further said.
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