SAT stays SEBI's cancellation of Brickwork Ratings registration order

The Securities Appellate Tribunal (SAT) on Friday stayed the SEBI's order that cancelled the registration of Brickwork Ratings as a credit rating agency.

The SAT said that till the final appeal is heard, Brickworks should not take up fresh assignments. The SAT has posted the final hearing for November 15, 2022.

The SEBI cited Brickwork's "failure to exercise proper care, skill and diligence,' while making its decision to shut its operations within six months. The SEBI decision was the first such action it has taken against a credit ratings agency.