IL&FS case: Sebi raises penalty to Rs 1 crore each on ICRA, CARE – Business Standard

Markets regulator Sebi on Tuesday enhanced the penalty amount to Rs 1 crore each on rating agencies ICRA and CARE in connection with lapses on their parts while assigning credit rating to non-convertible debentures of IL&FS. In two separate orders on Tuesday, Sebi said that the lapses on the side of ICRA and CARE while rating the securities of IL&FS and its subsidiary IL&FS Financial Services (IFIN) have resulted in real and severe financial loss to investors.

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