Credit rating agency Brickwork Ratings said on Monday, it will resume its business operations and client onboarding following the order of the Securities and Exchange Board of India (SEBI) order from March 26.
The company said the SEBI order, issued in September 2023, restricted Brickwork Ratings from onboarding new clients or receiving new mandates from existing clients until specific requirements were met.
SEBI issued an order in 2023 cancelling the company’s registration as a credit rating agency due to alleged deficiencies observed during an inspection conducted in January 2020, said the financial services company.
“We have drawn out a strategic plan for major investments in People, Processes, Technology and Innovation, which we believe will help us deservedly regain our market share that we had a few years back,” said Alok Kedia, Chief Executive of Brickwork Ratings.
In February, the company appointed Alok Kedia to take over as the company’s new Executive Chief.
Credit rating is an assessment of an entity’s creditworthiness and capacity to repay loans. These rating agencies are regulated by India’s Securities and Exchange Board (SEBI).
It is essentially an opinion of registered Credit Rating Agencies (CRAs) about an entity’s ability and willingness to repay debt on time before approving a loan, lenders consider the credit rating to be the important factor.
Founded in 2007, Brickwork Ratings is headquartered in Bangalore, Karnataka. The financial institution offers services such as ratings and research for corporate customers, banks, and government bodies concerning investments.
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