CARE Ratings Ltd. on Friday settled a case pertaining to alleged violation of Credit Rating Agencies rules with markets regulator SEBI after paying Rs 13.05 lakh. The order came after CARE Ratings filed an application with SEBI proposing to settle the proceedings initiated against it, 'without admitting or denying the findings of facts' through a settlement order.
"In view of the acceptance of the settlement terms and the receipt of the settlement amount…the instant adjudication proceedings initiated against CARE Ratings Limited is disposed of in terms of…the Settlement Regulations,' SEBI said.
The Securities and Exchange Board of India had initiated adjudication proceedings against CARE Ratings for alleged violation of a clause related to 'Monitoring and Review of Ratings by Credit Rating Agencies specified under CRA Regulations.
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