Market Tribunal Quashes SEBI's Order Cancelling Brickwork Ratings' Licence

The Securities Appellate Tribunal (SAT) in India has overturned the decision of the Securities and Exchange Board of India (SEBI) to cancel the license of Brickwork Ratings India, a prominent credit rating agency.

According to an order posted on the tribunal's website, India's markets appeals tribunal overturned a ruling by the markets regulator terminating Brickwork Ratings India's licence on Tuesday.

The Securities and Exchange Board of India (SEBI) revoked the rating agency's licence in October due to alleged violations of rating agency

The Securities Appellate Tribunal (SAT), which reviews appeals against SEBI rulings, stated that Brickwork Ratings' infractions "were not deliberate or fraught with malafides or fraud and thus cannot result in the licence being cancelled." The judgement, however, partially upheld the regulator's findings of alleged infractions and remanded the case to SEBI for appropriate punishment.