Sebi levies Rs 25 lakh fine each on ICRA, CARE for failing to exercise due diligence in IL&FS case
Updated : December 27, 2019 06:15 AM IST
Sebi also said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of these rating agencies.
The regulator said it is important to mention that IL&FS is a systematically important non-deposit-accepting core investment company.
Though there is no allegation of any mala fide on the part of these rating agencies, Sebi said the failure by them is blameworthy and serious considering the degree of responsibility bestowed upon it by the statute.
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