IL&FS case: Sebi raises penalty to Rs 1 cr each on 3 rating agencies

SEBI ups penalty to Rs. 1 cr. on ICRA, 2 others SEBI enhanced the penalty to Rs. 10000000 each on ICRA, CARE and India Ratings, in connection with lapses while assigning credit rating to the non-convertible debentures of ILand FS. The regulator, in December 2019, imposed a fine of Rs. 2500000 each saying the default by ILand FS occurred due to “lethargic indifference and needless procrastination and laxity” of these rating agencies.PTI